It was compulsory for you to link your PAN and Aadhaar by June 30, 2023, for your PAN to stay valid. It has expired on July 1, 2023, if you have not linked your PAN to your Aadhaar.
According to the Income Tax Department website, faulty PANs prevent various financial operations. Money trades include:
1) Selling or buying a car or multi-wheeled vehicle.
2) Opening a bank or cooperative bank account (other than the time-deposit stated at point No. 12 and a Basic Savings Bank Deposit Account).
3) Applying for a credit card.
4) Opening a SEBI demat account with a depository, participant, securities custodian, or other institution.
5) Paying a hotel or restaurant above Rs. 50,000 in cash.
6) Buying foreign money or traveling overseas with more than Rs. 50,000 in cash.
7) Paying more than 50,000 rupees for mutual fund units.
8) Paying more than Rs. 50,000 for a company’s bonds or debentures.
9) Paying over Rs. 50,000 to buy Reserve Bank of India bonds.
10) Daily financial institution or cooperative bank cash deposits over Rs. 50,000.
10A) Bank, cooperative bank, or post office cash deposits above Rs. 2,50,000 between November 9 and December 30, 2016.
11) Paying more than Rs. 50,000 in cash for bank drafts, pay orders, or banker’s checks from a bank or cooperative bank.
12) A fiscal year time deposit of over 50,000 rupees or 5 lakh rupees
a cooperative bank or bank
a post office;
a 2013 Companies Act Section 406 Nidhi, or
Non-banking financial institution (iv)
13) Making payments for one or more pre-paid payment instruments, as defined in the policy guidelines for the issuance and operation of pre-paid payment instruments issued by the Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007, to a banking company, co-operative bank, or other company or institution totaling more than Rs. 50,000 in a fiscal year.
14) Paying life insurance premiums beyond Rs. 50,000 in a financial year.
15) Selling or buying securities other than shares for exceeding Rs. 1 lakh.
16) Anyone selling or purchasing non-listed stock for more than Rs. 1 lakh.
17) Any moveable property sold or acquired for more than ten lakh rupees or appraised by the stamp value authority indicated in Section 50C of the Act.
18) Selling or buying non-listed items or services for more than Rs. 2 lakh in a single transaction.
Is your PAN current?
PAN Verification Procedures
Step 1: Visit the e-Filing homepage.
Step 2: Verify Your PAN on the e-Filing page.
Step 3: Enter your PAN, full name, date of birth, and available cellphone number on the Verify Your PAN screen, then click Continue.
Step 4: Enter the 6-digit OTP from Step 3’s mobile number on the Verification page and click Validate.
Verification shows your PAN status.
How Can Your PAN Work?
In a March 28, 2023 notice, the Central Board of Direct Taxes (CBDT) announced that PAN can be operational again in 30 days with notification of Aadhaar to the necessary authorities and payment of Rs 1,000.
“The PAN can be made operational again in 30 days,” it said. Notify the proper authority and pay Rs 1,000.
