Missed to link PAN card with Aadhaar? Top ten money losses that you may face. Read here
PAN card has become inoperative effective 1 July 2023. PAN is mandatory for a host of financial transactions including the opening of banks, demat accounts, and depositing of cash in a bank account. "Non-linking of PAN and Aadhaar may affect making large deposits and withdrawals or getting loans/credit cards.
Linking PAN and Aadhaar is essential for opening or operating a Demat account, which is necessary for trading in securities such as stocks and shares," said Kumar Binit, Founder & CEO at FinMapp According to India's income tax department, here are all the transactions that cannot be conducted with an inoperative PAN. Let's know the ten money losses that you may face if your PAN card becomes inoperative. According to CBDT, Taxpayers can file income tax returns, but will not be able to claim refunds using the inoperative PAN TDS and TCS shall be deducted/ collected at higher rates.
Opening of a demat account with a depository, participant, custodian of securities, or any other person with SEBI Many investors are not able to carry out MF investments exceeding ₹50,000. According to Computer Age Management Services (CAMS), new investments in mutual funds are not possible where PAN is not linked with Aadhaar. Payment of an amount exceeding Rs.
50,000 to a Mutual Fund for the purchase of its units. Sale or purchase, by any person, of shares of a company not listed in a recognised stock exchange for an amount exceeding ₹1 lakh per transaction. 6) Opening an account [other than a time-deposit referred at point No.
12 and a Basic Savings Bank Deposit Account] with a banking company or a cooperative bank Making an application for the issue of a credit or debit card. Deposits of cash exceeding Rs. 50,000 during any one day with
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