New Delhi: Issued by the Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT), PAN card is one of the most important documents in India. It serves as important ID proof and its main purpose is to bring a universal identification to all financial transactions to prevent tax evasion.
It may be noted that the Income Tax department has made Aadhaar-PAN linking mandatory for PAN holders who are required to file ITR. March 31, 2019, is the last date for PAN holders to link their PAN card with Aadhaar card. If you fail to link your PAN with Aadhaar, your PAN card might become invalid.
The Government had closed or put 11.44 lakh PAN cards in the inactive category last year. After the deadline of March 31, if you fail to link your PAN with Aadhaar, this may happen to your PAN card as well. Under Section 139AA of the Income Tax Act, your PAN will be considered invalid if it is not linked to Aadhaar by March 31.
Worth mentioning here is that the Income Tax Department will be issuing e-refunds from March 1, 2019, onwards in the bank accounts of only those individuals who have linked their respective bank account number with the Permanent Account Number (PAN) card.
Individuals are required to validate the bank account with the income tax department e-filing portal to receive the income tax refunds and the persons eligible for getting the income tax refunds will receive the refunds in the bank accounts which are linked to PAN following March 1, 2019.