Account ban of PAN card holders: Big news! The accounts of these 13 crore customers with PAN cards will be frozen.

One of them is to link an Aadhaar card with a PAN card. In fact, information has been given by the Central Board of Direct Taxes (CBDT) that if PAN holders do not follow the instructions given by the government by March 31, then their business and tax-related facilities will stop working. Simply put, their account will be banned.

Explain that so far out of a total of 61 crores Permanent Account Numbers (PAN), about 48 crores have been linked to Unique Identification Numbers Aadhaar. There are 13 crore people whose PAN-Aadhaar has not been linked yet. Now the government has rung the alarm bell for these people and has also fixed the last date for the linking.

The chance is till 31 March

Those who do not do this by March 31, will not be able to get benefits in business and tax-related activities. Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said several crore PANs are yet to be linked with Aadhaar, but the work is expected to be completed by the March 31 deadline. The government has made it mandatory to link PAN with Aadhaar.

For this, setting a deadline of 31 March 2023, it has been said that individual PANs not linked to Aadhaar will be declared inactive after this date. Along with this, the government has said that from the present time till March 31, a fee of Rs 1,000 will have to be paid to link PAN with Aadhaar.

The card will be deactivated if not linked

The CBDT chief said that many awareness campaigns have been conducted to link PAN with Aadhaar and we have extended this deadline several times. If PAN is not linked with Aadhaar by the due date, then the holder will not be able to get the tax benefit as his PAN will not be valid after March. The CBDT, in a circular issued last year, made it clear that once the PAN becomes inoperative, the person concerned will face all the consequences prescribed under the Income Tax Act.

This includes situations like the non-filing of income tax returns and the non-processing of pending returns. Along with this, he said that the budget announcement to make PAN a common identifier will be beneficial for the business world. Finance Minister Nirmala Sitharaman has announced in the budget that PAN will now be used by business establishments as a common identifier in the digital systems of government agencies.