Hi.. As per the Income Tax Act, it is mandatory to link Aadhaar with PAN for filing income tax returns. It is also required for various financial transactions such as opening a bank account, applying for a credit card, and purchasing mutual funds or insurance policies.
According to Income Tax Department website, Aadhaar-PAN linking was free before March 31, 2022. A fee of ₹ 500 was imposed from April 1, 2022, and was later increased to ₹ 1,000 from July 1, 2022. If you fail to link your Aadhaar with PAN before the deadline, your PAN card may become inoperative, and you may also face penalties and other consequences.
There's complete step by step process how to link you Aadhaar with your PAN. If you have any suggestion or advise don't hesitate to comment below. Thanks for your time.
