PAN-Aadhaar Not Link Effects: The government had made June 30 the last date to link PAN card with Aadhaar. If PAN is not linked by this date, your PAN card will become inactive. That is, you will not be able to do many things. Here are 15 money-related tasks that you will not be able to do.
Government to enable easy retrieval and matching of information relating to investment, loan and other business activities of tax payers with those collected to detect tax evasion Permanent Account Number (PAN) document has made. According to experts, it is mandatory to link PAN with Aadhaar for many financial transactions. You cannot do these transactions without PAN. For example, there are many things like cash transactions, buying and selling stocks, taking loans from banks.
These 15 transactions&zwj will not happen if the PAN card is inactive
- According to the Income Tax Department website, there are 15 financial transactions that cannot be completed.
- If your PAN is not linked, you will not be able to open an account from a co-operative bank to a private bank
- Can’t even get credit and debit cards
- Can’t even open demat account to invest in stock market
- 50 thousand for traveling to any country abroad One-time payment of Rs. 50,000
- You will not be able to make a one-time payment of more than Rs. 50,000
- More than Rs. 50,000 in mutual funds Payment
- Will not be able to pay even Rs 50,000 to any institution
- No more than Rs 50,000 will be paid at one time to buy bonds in the Reserve Bank of India< /li>
- Annual investment of more than Rs 5 lakh in FD or any scheme will not be possible in any bank
- More than Rs 50,000 for taking bank draft, pay order or check shall not be paid
- Payment of more than Rs.50,000/- during a financial year as premium to a life insurance company
- Transaction of shares exceeding Rs.1,00,000/- stop
Tax deduction on payment from inoperative PAN
Sale or purchase of a vehicle other than a motor vehicle or a two-wheeler
On sale or purchase of any immovable property exceeding Rs.10 lakhs
Goods exceeding Rs.2 lakhs Buying and selling will be taxed more
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