The deadline for linking PAN (Permanent Account Number) card with Aadhaar ended on June 30, 2023. As per the guidelines of Income Tax Department, all PAN cards that are not linked to Aadhaar have become inoperative from July 1
PAN, or Permanent Account Number, is required to retrieve information relating to investments, loans, and other business activities of taxpayers collected through various sources for detecting and combating tax evasion and expanding the tax base
You cannot open a bank account with a banking company or a co-operative bank. But the rule is not applicable for Basic Savings Bank Deposit Account
In absence of a PAN card, making an application for issue of a credit or debit card will not be possible
Opening of a demat account with a depository, participant, custodian of securities or any other person with Sebi won’t be possible without a valid PAN card
Payment in cash of an amount exceeding Rs 50,000 to a hotel or restaurant against bill at any one time will not be accepted without a PAN card
Payment in cash of an amount exceeding Rs 50,000 in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time would need verification through a valid PAN card
Payment of an amount exceeding Rs 50,000 to a mutual fund for purchase of its units will not be accepted without a PAN card
A time deposit of amount exceeding Rs. 50,000 or aggregating to more than Rs 5 lakh during a financial year with a bank company or a co-operative bank, post office, or NBFC would need a PAN card verification for completion
A taxpayer would need a valid PAN card for making a payment of an amount aggregating to more than Rs 50,000 in a financial year as life insurance premium to an insurer
Sale or purchase of shares of a company not listed in a recognised stock exchange for amount exceeding Rs. 1 lakh per transaction will not be possible without an operative PAN card