Big news for ITR filers..!? Know the details..!

Capital markets regulator Sebi on wednesday asked all investors to link their PAN number with their Aadhaar (Pan Aadhaar Link) by the end of march for smooth transactions in the stock market. Failure to do so will constitute KYC incomplete, SEBI said in a statement. In a statement, Sebi said till the permanent account number (PAN) and Aadhaar (Aadhaar) are linked, restrictions on share and other transactions may be imposed.
Linking of Aadhaar and PAN is mandatory:
The Central Board of Direct Taxes (CBDT) issued a circular in march 2022, according to which the PAN allotted to an individual will become inactive if it is not linked with Aadhaar by march 31, 2023. Under the Tax Act, 1961, if the PAN is invalid due to the non-linking of Aadhaar, the investor will be responsible for all consequences, Sebi said.
No work can be done without a PAN:
PAN is a key identification number and is mandatory for all transactions in the stock or bond market. This is part of the KYC requirements. It is mandated by SEBI-registered companies and market infrastructure companies to meet valid KYC standards for all investors investing in the market.

March 31, 2023, is the last date:

As per the provisions of the Income Tax Act, it is mandatory for every person issued a PAN card to link it with Aadhaar, barring a few exceptions. Failure to do this will cause the pan to malfunction. Meanwhile, if the PAN card is used as a document after its deactivation, a fine of Rs 10,000 will be imposed. You have to pay this penalty under section 272B of Income Tax.

మరింత సమాచారం తెలుసుకోండి: