Pan Card Tips- Has your PAN card becomes inactive, then these important works of yours will stop
You must be aware that PAN cards are very important documents for various financial works, in such a situation, recently it has been made mandatory to link a PAN card with an Aadhaar under section 139AA of the Income Tax Act, 1961. The purpose of this measure is to streamline financial transactions and ensure compliance with tax regulations. Taxpayers were given time till June 1, 2024, to complete this linkage. If this is not done, their PAN cards will be deactivated from July 1, 2024. If you have not linked your PAN and Aadhaar card till now, then you will not be able to do these things if the PAN card is deactivated-
Opening a bank account
PAN card details are mandatory for opening a bank account, except for the 'Basic Savings Bank Deposit Account', which may be exempted from this requirement.
High-value cash deposits
For cash deposits of ₹50,000 or more in a bank account, a PAN card is required. Alternatively, digital transactions can be considered.
Stock market transactions
A PAN card is required to open a demat account, which is required for any stock market transaction.
Credit/debit card application
When applying for a debit or credit card, it is necessary to provide PAN card details.
Insurance premium payment
If the insurance premium is more than ₹50,000, PAN card details are required.
Large hotel/restaurant payments
PAN card details are required to make cash payments of ₹50,000 or more in a hotel or restaurant.
Mutual fund investments
Mutual fund investments of more than ₹50,000 require PAN card details.
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