Today Government has announced that w.e.f. 1st July 2017 it will become compulsory to link your PAN Card with Aadhaar Card. The announcement appears to be another announcement to curb black money transactions and the public is not taking it seriously. But this announcement has far reaching consequences detailed below:
- On 1st of July, 2017 all the PAN Cards, which are not linked to Aadhaar will get invalidated and it may have an immediate adverse effect on your Bank accounts, Demat accounts, Mutual Fund Accounts and other investments where you have provided your PAN Card.
- The banks may refuse debit transactions and withdrawals in such accounts where PAN Cards are not linked to Aadhaar ID.
- Due to the invalidity of PAN Card, the banks will start deducting TDS on interest on Terms Deposits at the rate of 20% instead of normal TDS @10%. Moreover, the banks will not consider your Form 15G or 15H due to invalid PAN Cards and your FD accounts may be subjected to tax deduction at source.
- Your loan application may get rejected due to invalid PAN number.
- Your income tax refund for AY 2017-18 may be put on hold.
Presently the Government is not issuing any PAN Card without valid Aadhaar ID but the existing PAN Card Holders will have to get their Aadhaar Linked with their PAN Number. Before contacting Expert Consultancy, the existing PAN Card holders will have to ensure the following:
- That their names and surnames on PAN Cards exactly match with that on Aadhaar Card.
- That Date of Birth on PAN is exactly same as that on Aadhaar Card. The public should ensure that DOB on Aadhaar is exactly same as that on Matric Certificate and/or Passport and Driving License.
- Similarly, there should be no difference in addresses shown on Aadhaar, PAN Card and other ID Proofs like driving license and passports.
If the above particulars exactly match then contact our Consultant at Expert Consultancy to ensure that you do not face any difficulty in future.