In order to ensure smooth transactions in the securities market, regulator Security Exchange Board Of India (SEBI) on Wednesday informed all investors that they must link their Permanent Account Number (PAN) to Aadhaar by March 31. Any non-compliance in this regard would mean non-KYC compliant which could further create restrictions on securities and other transactions until the PAN and Aadhar are linked, the markets regulator said in a statement.
Last year, in March, the Central Board of Direct Taxes (CBDT) issued a circular stating that the PAN issued to a person would become out of service, if it is not linked with Aadhaar by March 31, 2023, and would be accountable to all the consequences under the Income-tax Act, 1961, for not furnishing, intimating or quoting the PAN.
The provisions of Income-tax Act, 1961, make it mandatory for every person who has been allotted a Permanent Account Number (PAN) to intimate his/her Aadhaar Number to the prescribed authority so that the Aadhaar and PAN can be linked. This is required to be done on or before the notified date, falling which the PAN shall become inoperative.
Follow these steps to Link your Aadhaar and PAN card via SMS
- For linking your Aadhaar number with your PAN card, your date of birth mentioned in both the documents should be same
- Type your message in the UIDPAN format i.e., UIDPAN (space) 12-digit Aadhaar number (space) 10-digit PAN number.
- From your registered mobile number send a message to 56161 or 567678
- You will receive a message about confirmation of linking of the Aadhaar with PAN card
Follow these steps to link your Aadhaar and PAN card online
- Go to the Income Tax e-filing official portal eportal.incometax.gov.in.
- Register yourself
- After you are done registering yourself, you need to click on profile settings and then on link Aadhaar
- You need you provide your login id, password and date of birth to the e-filing portal
- After logging in to the site, click on the pop-up window where the option to link Aadhaar and PAN Card will appear
- Your details will automatically appear on the e-filing portal
- Cross check your Aadhar card details before proceeding further
- After you are done cross-checking, submit your Aadhaar card number and captcha code and click on "Link Aadhaar"
- You will receive a pop-up that your Aadhaar and PAN Card has been linked
Why you should link your Aadhaar with PAN?
As your address and identity is verified by your Aadhaar card, it helps government to keep an eye on the taxable transactions. Moreover, you can simply file your online income tax return if you have your Aadhaar and PAN card linked