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The PAN cards which are not linked to Aadhaar would become useless and declared “inoperative” under the new Income Tax Rules. It was mentioned in what clause of Income Tax Act?
A)
Clause 21
B)
Clause 28
C)
Clause 35
D)
Clause 41

Correct Answer : Option (D) - Clause 41


Under the new Income Tax Rules, it is mandatory to link PAN with your Aadhaar number before June 30, 2021 from the previous deadline of March 31, 2021.

The PAN cards which are not linked to Aadhaar would become useless and declared “inoperative” as well as a penalty of Rs 1,000 may also be imposed and the KYC status will also become invalid.

The deadline to link the Permanent Account Number with your Aadhaar number is nearing. According to Clause 41 of Section 139AA of the Income Tax Act, “If a person fails to intimate the Aadhaar number, the permanent account number allotted to such person shall be made inoperative after the notified date in the manner as may be provided by rules.”

Published On : June 22, 2021
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