Your PAN number is the main document for all your financial transactions. This functions as a universal identification to all financial transactions to prevent tax evasion.
The Income Tax department had made it mandatory to link Aadhaar-PAN for PAN holders who are required to file ITR. They had extended the deadline to March 31, 2019 to link PAN card with Aadhaar card. If you fail to link your PAN with Aadhaar, your PAN card might become invalid.
Under Section 139AA of the Income Tax Act, your PAN will be considered invalid if it is not linked to Aadhaar by March 31. Last financial year Government had closed or put 11.44 lakh PAN cards in the inactive category. The Income Tax Department will be issuing e-refunds from March 1, 2019, onwards in the bank accounts of only those individuals who have linked their respective bank account number with the PAN. Individuals are required to validate the bank account with the income tax department e-filing portal to receive the income tax refunds .
