- Prashanth Ganta
- | Income Tax - News |
- 24 Jun 2020
- 3,738 Views
- 2 comments
Consequences of Non-Linking of PAN with Aadhar
1) PAN will become inoperative.
2)Where a PAN has become inoperative, it will be assumed that PAN has not been furnished/ quoted as required by the law and a penalty of Rs.10,000 may apply as per section 272B of the Income Tax Act.
3) An individual having an inoperative PAN will not be able to conduct financial transactions wherever quoting it is mandatory.
4) An individual may not be able to open a bank account.
5) May not be able to Sell/buy a property, and make investments without PAN etc.
6) Using a non-operative PAN is the same as not having a PAN.
7) You may face higher rates of TDS and may be barred from undertaking financial transactions.
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Author Bio
Name:
Prashanth Ganta
Qualification: Student - CA/CS/CMA
Company: Ganta Prashanth, Accounting & Tax Consultancy
Location: Chodavaram, Visakhapatnam, Andhra Pradesh, IN
Member Since: 23 Jun 2020 | Total Posts: 11
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Interesting posts. Yourself seem to be having great enthusiasm for getting and distributing knowledge in your field. Although I m not a tax professional and only a retired person from a PSU. I have interst in some topics of TAX GURU. Good topics touched by you.
Needless to add that, in the topic of Benefits of ITR, you could have, at the very first point, mentioned about service to the Nation by filing ITR and paying tax as some people having small income fear about income tax people although they may never be questioned by tax persons provided the return is filed by a proper person like ITP/CA.
God bless you always.