The State Bank of India (SBI) said it has informed its customers and account holders of the deadline to bind their PAN cards. SBI announced that all account holders are required to complete their PAN-Aadhaar card binding by September 30. The bank further urged customers to do so in order to avoid any inconvenience and enjoy transparent banking service. In a tweet posted from its official Twitter account, the bank forwarded the message and a post outlining how customers can go about it. The tweet read: “We advise our clients to link their PAN to Aadhaar to avoid any inconvenience and continue to enjoy transparent banking service.”
SBI further stated that if the PAN is not bound by September 30, 2021, the ID card and its facilities will be rendered inoperative / inactive. This means that customers cannot be cited to perform specified transactions. In the attached message, the bank gave the link to the official income tax website and asked customers to link Aadhaar to PAN.
In accordance with Section 139AA of the Income Tax Act 1961, anyone who has been assigned a PAN card and who also has an Aadhaar card is, by law, required to disclose their Aadhaar number to the authorities. fiscal. The law reads as follows: “If a person fails to provide the Aadhaar number, the permanent account number assigned to that person will be rendered inoperative after the date notified in such manner as may be prescribed by the rules. “
A PAN card is an essential part of opening a bank account with any bank. It also plays an important role in the application and acquisition of credit / debit cards. It can also be used to open a Demat account. In the event that a person deposits a sum of more than Rs 50,000 in one day, then the PAN becomes compulsory. This also applies if the person is buying mutual funds, bonds, bonds, etc. It should be noted that customers are required to provide PAN details while making payment over Rs 50,000 in cash in a day for the purchase of bank drafts or payment orders or bank checks. ‘a banking company or a cooperative bank. Keep in mind that these are just a few of the services that could be affected if you fail to establish the PAN-Aadhaar card link by September 30.
While PAN is important for benefiting from many banking facilities and services, Aadhaar is equally important, however, access is purely biometric. Therefore, Aadhaar cannot be obtained on the basis of another identification document. This makes the association of the two identification documents crucial for the tax administration. If you don’t, the tax department may impose a penalty on you. This sanction may possibly take the form of a fine of up to Rs 1,000 and your PAN will be invalidated.
This tweet was sent in early August; however, this is not the first time. SBI previously tweeted the same notice in May, with a deadline of June 30. Since then, the deadline has been extended.
Steps to link PAN to Aadhaar map
1) Access the electronic filing portal of the tax service on the official website.
2) Then you need to click on the Link Aadhaar section on the left.
3) After being redirected, you need to fill in your PAN number, Aadhaar number and name.
4) Finally, you need to fill in the given CAPTCHA code.
5) Click on the ‘Link Aadhaar’ option and your PAN-Aadhaar link process is complete. The Income Tax Department will validate your name, date of birth, and gender against your Aadhaar information, after which the link will be completed successfully.
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