Aadhaar card PAN card link: How it’s linked to your bank deposits, savings?
Aadhaar card PAN card link: The deadline for PAN Aadhaar link is fast approaching and one needs to meet this deadline as it is directly related to one’s KYC documents. According to tax and investment experts, Aadhaar PAN link before deadline of 30th June 2021 is must because one’s KYC will become incomplete in case of failing to meet the deadline. They said that in the case of one’s Aadhaar card not seeded with PAN card would mean inoperative PAN card, which is must for one’s KYC.
Speaking on how Aadhaar card PAN card link is important for a bank account holder Pankaj Mathpal, Founder & CEO at Optima Money Managers said, “After 30th June 2021, a person having PAN card not seeded with Aadhaar card will be considered an individual without PAN card. In such a situation, one’s KYC will become incomplete as PAN card is one of the necessary and important documents required for completion of KYC.”
Pankaj Mathpal of Optima Money Managers said that inoperative PAN card will affect one’s bank account savings citing, “In case of inoperative PAN card, one’s bank account will become an account without PAN card. In that case, if the bank account holder gets interest on one’s savings above ₹10,000 then the TDS (Tax Deduction at Source) rate levied will be double i.e. 20 per cent as TDS levied on bank account with PAN card is 10 per cent.”
Standing in sync with Pankaj Mathpal’s views; SEBI registered tax and investment expert Jitendra Solanki said, “In the case of an inoperative PAN card, if a bank account holder deposits ₹50,000 or above, then in that case, the Income Tax Department has made it clear that the depositor can be charged up to ₹10,000 as penalty.” Solanki advised bank account holders to link their Aadhaar card with PAN card before the given deadline and continue smooth and hassle-free banking.
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