Friday, May 24, 2024
HomeNewsExemptions from Pan-Aadhaar Linking Requirement: Who Doesn't Need to Link PAN Card...

Exemptions from Pan-Aadhaar Linking Requirement: Who Doesn’t Need to Link PAN Card with Aadhaar?

Amidst the mandatory requirement to link PAN Card with Aadhaar Card, certain exemptions exist. While this linkage is essential for most individuals, exemptions apply to specific groups, ensuring clarity and compliance with the law.

Who is Exempted from PAN-Aadhaar Linking?

Individuals aged 80 years and above are exempted from linking their PAN card with Aadhaar card. Additionally, as per the Income Tax Act, non-residents and individuals without Indian citizenship are not obligated to link their PAN cards.

Consequences of Non-Compliance:

Failure to link PAN card with Aadhaar card carries significant repercussions. If the linkage is not completed, the PAN card will be automatically deactivated, rendering it unusable for documentation purposes. Moreover, various financial transactions may be prohibited, including filing Income Tax Returns (ITR) and conducting bank-related activities. Furthermore, eligibility for government schemes may be compromised.

Procedure for Activation:

To reactivate a deactivated PAN card, individuals must visit the Income Tax Department’s website and complete the PAN-Aadhaar linking process. A late fee of Rs 1,000 may apply for delayed linkage.

Understanding the exemptions from the PAN-Aadhaar linking requirement is crucial to ensure compliance with regulations while avoiding potential penalties and disruptions in financial activities.

RELATED ARTICLES

Most Popular