Have you updated your pan card?
The Income Tax Department issues PAN cards to monitor your financial status and protect you from fraud. PAN cards are essential for financial transactions and serve as a crucial proof of identity. The Income Tax Department can request details related to your transactions through your PAN number. If you fail to link your PAN with Aadhaar by June 30, more than 11 crore PAN cards could be deactivated. Reactivating a deactivated PAN card may incur a penalty of up to Rs. 10,000.
As per the Central Board of Direct Taxes, a decision has been made to deactivate PAN cards not linked with Aadhaar after July 1, resulting in over 11.5 crore PAN cards being deactivated. This means those cards cannot be used for financial transactions anymore, and a penalty of Rs. 10,000 may apply if used.
To avoid penalties and continue using your PAN card, consider reactivating it online through the following steps:
Online PAN Card Reactivation Process:
- Visit the official website of the Income Tax Department at incometax.gov.in/iec/foportal/.
- Click on the ‘E-Pay Tax’ option.
- Enter the necessary details related to your PAN card.
- Fill in the CHALLAN NO./ITNS 280 and make the required payment.
- Choose the assessment year and enter your address in the designated column.
- Fill in the captcha code and click on the ‘Proceed’ option.
After completing this process, your PAN card will be reactivated within 30 days.
Ensure the continued functionality of your PAN card by following this online reactivation procedure and staying compliant with the latest regulations.
