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Banking service will be canceled if the Aadhaar number is not linked to the PAN?
According to a statement issued by the Income Tax Department, “If a person fails to link the reference number to the PAN, the permanent account number assigned to such person will not be effective under Section 41 of Section 139AA after the date of notification.” A permanent account number issued by the Income Tax Department is a ten-digit unique alphanumeric number.
Important announcement issued by SBI Bank to its customers
PAN helps tax authorities prevent tax evasion and fraud because it is linked to all financial transactions made by an individual. To avoid the failure of such an important document, SBI Bank has started asking its customers to link their PAN and Aadhaar details as soon as possible.
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What did SBI say in its record?
“We advise our customers to link their PAN details with Aadhaar to avoid any inconvenience and to continue to enjoy uninterrupted banking service,” State Bank of India (SBI) said on Twitter. SBI Bank has pointed out that this is also very important for conducting specific transactions.
What is the requirement of PAN card? When do we need this?
Ban card is required when opening a bank account, applying for credit and debit card, and opening a demat account with others. A person earns Rs. If more than Rs 50,000 is deposited in the bank, the PAN is mandatory. Rs. PAN is also required for purchases of over Rs 50,000 worth of mutual funds, bonds, securities etc. PAN is mandatory for financial transactions like this.
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Is there a penalty for not connecting Aadhar and PAN card?
The SBI has said that SBI users can go to the Income Tax Department’s e-filing portal and link PAN and Aadhaar and continue to use “unrestricted banking services”.
Update immediately .. otherwise the banking service will be canceled
“Although the deadline for PAN to merge with Aadhar has been extended to September 30, 2021, it is advisable to complete this merger as soon as possible.
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