PAN-Aadhaar linking deadline expired on 30 June 2023. For those who have still not linked their PAN with Aadhaar by now, it means that their PAN card has become inoperative effective 1 July 2023.
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.
1)Refund of income tax will not be processed
2)TDS and TCS shall be deducted/ collected at higher rates.
3) Mutual fund will be impacted – You will not be able to open demat account and do transactions above 50,000 in mutual fund.
4) Sale or purchase of a motor vehicle or vehicle other than two-wheeled vehicles.
5) Debit, credit cards – Issuance will be Impacted
6) Cash deposit and payment – Deposits of cash exceeding Rs. 50,000 during any one day with a bank.
7) Insurance policies – Payment of premium above 50,000
8) Sale or purchase of immovable property – Sale or purchase of any immovable property for an amount exceeding ₹10 lakh or valued by stamp valuation authority referred to in section 50C of the Act at an amount exceeding ten lakh rupees.
Disclaimer: – Mutual funds investments are subject to market risk. Please read the offer documents carefully before investing.
