Pan Card: Central government has closed 11.5 crore PAN cards! Don’t worry, it will start immediately
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The last date for linking Aadhaar card with PAN card was given by the Central Government as 30th June. After this, the PAN cards of 11.5 crore people who did not link PAN card with Aadhar card have been canceled by the government. This information has been given by the Central Board of Direct Taxes in the information sought under the Right to Information.
The Central Board of Direct Taxes said that there are 70.24 crore PAN card holders in the country. Of these, 57.25 crore have successfully linked their PAN card with Aadhaar. However, more than 12 crore PAN cards have not been linked yet. In such a situation, 11.5 crore PANs have been closed. However, linking is not mandatory for people taking PAN card after July 1, 2017.
In such a situation, if your PAN card has also become inactive then there is no need to panic. To start this you will have to do some hard work. The Income Tax Department has informed that if a person fails to link PAN-Aadhaar by the due date, he will have to pay a maximum fine of one thousand rupees under section 234H.
If you want to revive your deactivated PAN card, you will have to write a letter to your jurisdictional AO in the Income Tax Department to activate your PAN. To activate PAN, the required documents have to be attached with the letter. Along with this, a copy of the income tax return of the last three years filed on the de-activated PAN will also have to be provided. Indemnity bond will also have to be given in favor of the Income Tax Department.
It takes at least 10-15 days to reactivate PAN after submitting the letter to the Income Tax Department. In the meantime you will have to wait for your PAN to be activated. However, you can check the status of your application online.
People are facing a lot of problems due to not linking Aadhar card and PAN card. Central Board of Direct Taxes (CBDT) said that people whose PAN has been closed will not be able to claim tax refund. Along with this, you will not be able to open current bank account, demat account and mutual fund account. Along with this, you will not be able to make payment of more than Rs 50 thousand.
The Central Board of Direct Taxes said that if people whose PAN card has been closed buy a car, they will have to pay more tax. No account except FD and savings account will be opened in the bank. Along with this, the person will also not be able to apply for credit or debit cards.
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