What are the key benefits of SBI Credit Cards?

SBI Credit Cards offer a wide range of benefits, including rewards, cashback, lounge access, discounts, and insurance coverage.

How can I apply for an SBI Credit Card?

You can apply for an SBI Credit Card online through the Paisabazaar platform, where you can compare card options and check for pre-approved offers.

What factors should I consider when choosing an SBI Credit Card?

Consider your spending habits, lifestyle, and financial goals to select a card that best suits your needs, such as travel, shopping, or rewards.

How can I manage my SBI Credit Card efficiently?

SBI Card offers a user-friendly mobile app and online banking services to help you manage your card, check statements, make payments, and access additional features.

What precautions should I take to avoid accumulating credit card debt?

Responsible credit card usage includes paying bills on time, managing credit limits wisely, and avoiding unnecessary spending to prevent debt accumulation.

PAN Aadhaar Link: How to Link Aadhaar Number with PAN Card Online After Deadline?

In a move to streamline and consolidate the identity verification process for taxpayers, the Indian government mandated the linking of PAN (Permanent Account Number) with Aadhaar. The deadline for linking was set for 30th June 2023. From 1st July 2023, PANs not linked with Aadhaar were rendered inoperative. This article outlines the steps to link Aadhaar with PAN after the deadline, including the penalty payment process and detailed guidance on ensuring compliance with the regulations.

Latest Update

The last date for linking Aadhaar with PAN was 30th June 2023. From 1st July 2023, any PAN not linked with Aadhaar became inoperative. The Income Tax Department has issued a reminder to taxpayers to complete the linking process by 31st May 2024. Failure to do so will result in higher rates of tax deduction/collection (TDS/TCS) under Sections 206AA and 206CC of the Income Tax Act, 1961, for transactions entered into using an inoperative PAN before 31 March 2024.

Importance of Linking PAN with Aadhaar

The government has made it mandatory for all taxpayers with a PAN card to link it with their Aadhaar card. This step aims to eliminate duplicate PANs and streamline the identification process, ensuring that each PAN is unique to an individual. Linking PAN with Aadhaar also helps the government track financial transactions, thereby preventing tax evasion.

Consequences of Non-Linking

If the PAN is not linked with Aadhaar by the specified deadline, it becomes inoperative. An inoperative PAN means that individuals will not be able to use their PAN for financial transactions, and higher TDS/TCS rates will apply. Additionally, the income tax returns filed using an inoperative PAN will not be processed until the linking is completed.

How to Check if Your Aadhaar is Linked to Your PAN Card

To ensure that your PAN is linked with your Aadhaar, follow these steps:

Visit the Income Tax e-filing portal: Open the official Income Tax e-filing website.

Click on ‘Link Aadhaar Status’: Under the Quick Links section on the homepage, select ‘Link Aadhaar Status’.

Enter Details: Input your PAN and Aadhaar number and click ‘View Link Aadhaar Status’.

Check Status: If your PAN is linked with Aadhaar, the status will confirm the linkage. If not, you will see a pop-up message indicating that the linking is not done.

How to Link Your PAN to Aadhaar After the Deadline

Linking your PAN with Aadhaar after the deadline involves two main steps: payment of a penalty and submitting the Aadhaar-PAN link request. Here’s a detailed guide:

Step I: Payment of Penalty

To proceed with linking your PAN with Aadhaar, a penalty of Rs.1,000 must be paid. Follow these steps to make the payment:

Visit the Income Tax e-Filing Portal: Go to the official website.

Select ‘e-Pay Tax’: Under the Quick Links heading, click on the ‘e-Pay Tax’ option.

Enter PAN Details: Input your PAN number under ‘PAN/TAN’, confirm the PAN/TAN, enter your mobile number, and click ‘Continue’.

OTP Verification: Verify with the OTP sent to your mobile number.

Proceed to e-Pay Tax Page: After OTP verification, click ‘Continue’.

Select Payment Category: Under the ‘Income Tax’ tab, click ‘Proceed’.

Choose Assessment Year and Payment Type: Select Assessment Year as ‘2025-26’, ‘Type of Payment (Minor Head)’ as ‘Other Receipts (500)’, and Sub-type of Payment as ‘Fee for delay in linking PAN with Aadhaar’, then click ‘Continue’.

Make Payment: The applicable amount will be pre-filled. Click ‘Continue’ and complete the payment.

You can make the payment through net banking, debit card, over the counter, NEFT/RTGS, or the payment gateway option if you have a bank account with one of the authorized banks like Axis Bank, HDFC Bank, State Bank of India, etc.

Step II: Submit Aadhaar-PAN Link Request

After paying the penalty, proceed to link your PAN with Aadhaar. You can do this online or offline:

Online Method (Without Logging in)

Go to the Income Tax e-filing Portal: Select ‘Link Aadhaar’ under Quick Links.

Enter Details: Input your PAN and Aadhaar number, and click ‘Validate’.

Provide Personal Information: Enter your name as per your Aadhaar card and mobile number, then click ‘Link Aadhaar’.

OTP Verification: Enter the OTP received on your mobile number and click ‘Validate’.

Submit Request: The request will be sent to UIDAI for validation.

If the payment details are not verified on the e-filing portal, you will need to complete the payment through ‘e-Pay Tax’. After the payment is processed, usually within 30 minutes to an hour, you can proceed with the linking request.

Online Method (Logging in to Your Account)

Register/Log in to the Portal: If not already registered, create an account. Log in using your user ID and password.

Navigate to Link Aadhaar: After logging in, click on ‘Link Aadhaar’ under the ‘My Profile’ section.

Enter Aadhaar Details: Input your Aadhaar number and click ‘Validate’.

Confirmation: A pop-up message will confirm that your Aadhaar number has been successfully linked to your PAN card.

Offline Method

Visit PAN Service Center: Go to the nearest PAN service center.

Fill Form: Complete the form for PAN-Aadhaar linking.

Attach Documents: Provide copies of your PAN card, Aadhaar card, and proof of payment of the penalty.

Submit Application: Submit the form and documents at the center.

Verification: The application will be processed, and the PAN will be linked with Aadhaar.

Re-Activation of Inoperative PAN

Once you have submitted the request to link your PAN with Aadhaar, the UIDAI will process the request. The reactivation of an inoperative PAN card may take between 7 to 30 days from the date of submission. During this period, you will not be able to use your PAN for any financial transactions.

Importance of Linking PAN with Aadhaar

Linking PAN with Aadhaar has several benefits and is crucial for the following reasons:

Preventing Tax Evasion: Linking helps prevent tax evasion by ensuring that all financial transactions are tracked and reported accurately.

Simplifying Tax Processes: It simplifies the tax filing process as Aadhaar-linked PAN ensures quicker verification and processing of returns.

Eliminating Duplicates: It helps eliminate duplicate PANs, ensuring that each individual has only one PAN linked to their Aadhaar.

Compliance with Regulations: It ensures compliance with government regulations, avoiding penalties and higher TDS/TCS rates.

Conclusion

Linking your PAN with Aadhaar is a critical step for all taxpayers in India. While the deadline for linking has passed, and non-linked PANs have been rendered inoperative, it is still possible to link your PAN with Aadhaar by paying the necessary penalty. Following the detailed steps outlined in this article will ensure that you can successfully link your PAN and Aadhaar, thereby avoiding any financial or legal inconveniences. Ensure to complete this process promptly to maintain the validity of your PAN and stay compliant with the tax regulations.