More than 200 million PAN cards are going to be canceled in the country. The government has decided that the PAN card issued to a person, Hindu undivided family, company, trustee or any other category by August 31, 2019 will be declared invalid if the Aadhaar number is not linked.
Cannot be used after cancellation of PAN Card from Income Tax Department. An official of the Central Board of Direct Taxes (CBDT) said that it could not be that 20 million PAN card holders do not have Aadhaar card. Currently there are 43 million PAN card holders in the country while 120 crore people have Aadhaar cards.
An official of the finance ministry said that the decision will affect those who have created a PAN card for some other work but have not yet started filing a return or have not linked to the Aadhaar number. The Income Tax Department has received a notification that a PAN card is being used to make a bank loan or a credit card.
An official of the finance ministry said that the decision will affect those who have created a PAN card for some other work but have not yet started filing a return or have not linked to the Aadhaar number. The Income Tax Department has received a notification that a PAN card is being used to make a bank loan or a credit card.
Proposal to amend income tax law
The official said that in Article 139A of the Income-tax Act, a sub-clause has been added that if a person with a Aadhaar number will get his PAN card invalid by September 31, 2019 by August 31, 2019. Once a PAN card is invalid, it will be removed from the income tax department's data base and may not be used for banking activities or elsewhere.
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200 million PAN cards are going to be canceled
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