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
Follow these steps to link your Aadhaar and PAN card online
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