New Delhi: If the Permanent Account Number (PAN) is not linked with Aadhaar within March 31 this year, the cardholders will have to pay a fine of Rs 10,000. The fine will be charged, if the inoperative PAN card is used after this date.
The fine is levied as per the Section 272 B of the Income Tax Act. With this, the PAN cardholder will be compelled to remit the fine if it is not linked with Aadhaar. PAN is mandatory for bank transactions above Rs 50,000. Each time a cardholder uses the inoperative PAN, Rs 10,000 will be charged as fine.
However, those who gave PAN as ID proof for opening a bank account or applying for a driving license will not be charged any fine. As soon as the PAN is linked with Aadhaar, it will become operative. The owners of inoperative PAN should not apply for a new one. Instead, they only have to link it with Aadhaar.