The last date to link the PAN and Aadhaar cards is March 31, 2023. Earlier, this was fixed on March 31, 2022, but was later extended. However, the users will have to pay a fine of Rs 1,000 while linking the two cards before March 31, 2023. If these are not linked by the last date, the PAN card will become inoperative.
According to the Securities and Exchange Board of India (Sebi), users will not be able to initiate any transactions in NSE or BSE if their Pan card and Aadhaar card are not linked. Also, the Income Tax Department (I-T Dept) will not process the IT returns if the two cards of a taxpayer are not linked after March 31, 2023.
The mandatory linking of the two cards is expected to improve compliance and reduce tax evasion in India.
Who is exempted from PAN-Aadhaar linking?
Indian citizens with the age of above 80 are not required to link the two cards. Also, non-residents and non-citizens are not required to link PAN and Aadhaar cards.