What is the penalty for 10000 PAN card Have you ever ignored that one tiny PAN card update, thinking it could wait?
If yes, you’re not alone but this time, the rules have changed, and the consequences are serious. If you hold a PAN card, this update could impact your bank account, your KYC status, and even your ability to complete financial transactions.
Why This PAN Card Update Matters to You
Whether you’re a salaried worker, a student, or a small business owner, your PAN card is your financial identity. But to keep your data safe and stop fake accounts, the government has introduced new PAN card rules.
What does that mean for you? It means if your PAN card is not linked to your Aadhaar, or if your details aren’t updated properly, your PAN might get deactivated, and you could face a financial penalty.
Big Changes in PAN Card Rules You Can’t Ignore
Here’s what’s changed and why it matters:
- Linking PAN with Aadhaar is now mandatory.
- PAN will not be considered valid for bank KYC, income tax filing, or opening new accounts if not linked.
- Government is working on introducing face authentication and OTP-based verification for better security.
- Any mismatch in your details can lead to temporary suspension or penalty.
What Happens If You Don’t Link PAN with Aadhaar?
If you haven’t linked your PAN card with Aadhaar yet, here’s what could happen:
- Your PAN may become inoperative, which means:
- You won’t be able to do KYC updates in banks.
- Your income tax return (ITR) could be rejected.
- Financial transactions above ₹50,000 might be blocked.
- You may have to pay a late penalty fee of up to ₹1,000.
How to Link PAN with Aadhaar Easily
Linking your PAN with Aadhaar is actually simple. You can do it in two ways:
- Option 1: Through OTP on Aadhaar-Linked Mobile Number
Visit the Income Tax e-Filing Portal. - Click on “Link Aadhaar”.
- Enter your PAN, Aadhaar number, and name.
- Verify using the OTP sent to your Aadhaar-registered mobile number.