State Bank of India (SBI) is urging customers to immediately link their PAN with Aadhaar. This is a mandatory requirement for all SBI customers, except those with Basic Savings Bank Deposit Accounts (BSBDAs). Customers who have not yet linked their PAN with Aadhaar should do so as soon as possible to avoid any inconvenience. This can be done online through the SBI website or mobile app, or in person at any SBI branch.
SBI Warns Customers: Link PAN with Aadhaar to Avoid Account Suspension
In its official tweet from the State Bank of India Twitter account, The Banking Service noted that “We advise our customers to link their PAN with Aadhaar to avoid any inconvenience and continue enjoying a seamless banking service.” Additionally, the State Bank of India has also warned its users with this Important Notice.
Here, SBI noted that if the users do not link their Aadhar with PAN. Then their PAN will become inactive or inoperative. Such users cannot use their PAN for conducting specific transactions. Also Read: Amazon India lists most popular smartphones of 2021; list includes iPhone and many more
Meanwhile, the Government of India also asks its citizens to link their PAN with Aadhaar. The last date to link this Aadhaar with PAN is set for September 30, 2021. Hence, we suggest our Indian viewers take this important notice seriously. One must link their Aadhaar with PAN with immediate effect. Also Read: Asus ProArt StudioBook 16 with 4K OLED display, VivoBook Pro laptops launched in India
To link PAN with Aadhaar in an easy way, the State Bank of India is asking its users to consider this notice very seriously. The banking service is asking its users to visit the new ITR website. The new IT portal can be accessed by visiting https://www.incometax.gov.in/iec/foportal/. Also Read: WhatsApp gets “Log Out” feature for iOS
Which transactions require a PAN card in India?
Many transactions in India require a PAN card, which is a document that aids in the identification of a taxpayer’s or PAN cardholder’s income. Henceforth, link between Aadhaar and PAN is required. Also Read: ZTE Axon 30 5G comes with next-gen under-display camera
Linking Required for Trades
Among these trades are:
- Purchase and sale of immovable property worth more than Rs 10 lakh.
- Any purchase or sale of commodities worth Rs 1 lakh or more.
- The sale or purchase of an automobile.
- Opening a bank account, current account, or cash credit account.
- Depositing or withdrawing Rs 50,000 or more in cash from a bank, post office, or cooperative society.
- Buying a bank draft, pay order, or check for at least Rs 50,000.
- Using cash or a credit card to pay a hotel or restaurant bill of Rs 25,000 or more.
- Applying for a new phone or mobile connection.
- Purchasing financial instruments (stocks, bonds, and debentures) worth at least Rs 50,000.
- Purchasing mutual fund units worth at least Rs 50,000.
- Applying for a credit card or debit card.
- Paying for foreign travel of Rs 50,000 or more.
- Paying a Rs 50,000 or higher insurance premium.
- Purchasing gold jewelry valued at least Rs 5 lakh.
- Obtaining a registration number for sales tax, service tax, or excise tax.
- Renting a property worth Rs 1 lakh or more throughout the fiscal year.
- Taking a fixed deposit of Rs 50,000 or more.
- Paying tax or filing an income tax return.
- Submitting Form 15G/15H for lower deduction of tax at source.
Link Aadhar Card with PAN Card to Avoid Taxes
These transactions require the taxpayer’s PAN or Aadhaar number in order to avoid tax evasion and money laundering and to trace the taxpayer’s financial activity. Also Read: Discover the Latest Windows 11 Update: iOS Phone Link, Tabbed Notepad, Enhanced Audio, and More!
How to Link Aadhaar with PAN using the new ITR Portal?
- Search on “Google” or visit new ITR portal or just visit this link in your browser: https://www.incometax.gov.in/iec/foportal/
- Once the page opens in browser, Scroll down the Homepage
- Click on the Link Aadhaar with PAN Option or directly visit this link your browser.
https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar - On this page, you will notice that you have to enter some details about your PAN, Aadhaar Number. Other required details are name as on Aadhaar Card, and enter your 10-digit mobile number.
- If you only have your birth year on your Aadhaar card. Then you need to check the “I have only year of birth in Aadhaar Card.”
- Tick on “I agree to validate my Aadhar details.”
- Now, click the “Link Aadhaar with PAN” option.
Following these steps, one can easily link their Aadhaar with PAN. Also, you will get one confirmation message or notice about linking your Aadhaar with PAN. Also Read: How to use the new Income Tax E-filing website? ITR e-filing 2.0 portal goes live for all
Can I use my Aadhaar instead of PAN?
According to the recent changes in the income tax laws, you can use your Aadhaar number instead of PAN in some instances where quoting of PAN is mandatory. However, it is advisable to link your PAN with your Aadhaar number before quoting it in lieu of your PAN, as there is no clarity whether a second PAN will be allotted to you if your Aadhaar is not linked to your PAN.
Some of the instances where you can use an Aadhaar number instead of PAN are:
- Opening a bank account, current account, or cash credit account.
- Giving your landlord’s Aadhaar number to your employer to claim house rent allowance (HRA) exemption.
- Submitting Form 15G/15H to the bank to avoid higher TDS on the interest earned from a fixed deposit.
- Purchasing or selling any goods costing Rs 1 lakh or above.
- Purchasing a bank draft, pay order, or cheque of Rs 50,000 or more.
- Paying for foreign travel of Rs 50,000 or more.
What is the penalty for not linking Aadhaar with PAN?
According to recent revisions in income tax regulations, you may be subject to a penalty of up to Rs 10,000 if you do not link your Aadhaar with your PAN by June 30th, 2023. Your PAN will also become inactive, preventing you from using it for certain transactions. Also Read: Moto G42 with Snapdragon 680, triple rear cameras launched; first impressions
Non-residents, super senior people, and inhabitants of Assam, Jammu & Kashmir, and Meghalaya, on the other hand, are excluded from linking their Aadhaar with their PAN. You may link your Aadhaar and PAN online by utilizing the e-Filing Portal’s fast link. Also Read: AMD Radeon RX 6600 XT graphics card launched under mid-range price segment
How do I check if my Aadhaar is linked to PAN?
You can check if your Aadhaar is linked to PAN by following these steps:
- Visit the Income Tax e-filing portal.
- Under the ‘Quick Links’ heading, click on the ‘Link Aadhaar Status’.
- Enter your PAN and Aadhaar numbers and click on ‘View Link Aadhaar Status’.
- A message will display on the screen regarding your Aadhaar-PAN link status.
Alternatively, you can log in to the e-filing portal and navigate to ‘Dashboard’ or ‘My Profile’ before selecting the ‘Link Aadhaar Status’ option. If your Aadhaar number has been linked to your PAN, you will see it; otherwise, you will receive a notice to link your Aadhaar. Also Read: New Gaming laptops launched under MSI Leopard, Pulse, and Katana series
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