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The last date to link PAN with Aadhaar was June 30, 2023. Any individual who has not linked both by this date, will have their PAN becoming inoperative. As a result, they will not be able to avail income tax and financial services.
In mutual funds, AMFI has clarified investors with inoperative PAN cannot execute fresh transaction including SIP, STP and SWP. Such an investor cannot redeem their money from mutual funds. Further, their dividend payout will go to unclaimed scheme.
MFDs can download reports from RTAs’ websites through mail back services to get list of clients who have not linked their PAN and Aadhaar. While they can download
WBR-109 on CAMS, KFintech offers MFSD-247 to track inoperative PANs.
Currently, investors can link their PAN and Aadhaar by paying a late fee of Rs.1000. Let us look at step-by-step process to link Aadhaar and PAN:
- Login to e-Filing Portal and click on ‘Link Aadhaar’
- Enter PAN and Aadhaar details and click on continue to pay through E-Pay Tax
- Again, you need to fill your PAN details and mobile number
- On the new page, proceed with Non-TDS/TCS
- Now select option of 0021 Income tax other than companies and 500 (other receipts)
- Put assessment year as 2023-24 and key in bank details and your address
- Once the payment is made, you can link your Aadhaar with PAN on the e-Filing Portal
- Follow the first two steps again to link PAN and Aadhaar by keying in OTP
- You may visit this link if you face any difficulty https://www.incometax.gov.in/iec/foportal/help/how-to-link-aadhaar
