09/04/2017
If Aadhaar is applied for and Aadhhar Number is not allotted, Enrollment ID in the Slip of Application of Aadhaar Number shall be quoted.
Q 4. WHAT IF AADHAAR IS NOT LINKED TO PAN?
If the AADHAAR is not linked to PAN, the PAN Number will not be considered as Valid. Further, the income Tax Act will apply to that person as if that person has not applied for PAN at all.
Q 5. WHAT IF PAN BECOMES INVALID?
If Aadhaar is not liked to PAN and PAN becomes Invalid, some illustrative lists of transactions, which are not allowed to be done, are as follows:
1) Buying any Motor vehicle (other than two wheelers)
2) Opening an account with any Bank / NBFC / Co-Operative Bank (other than Basic Saving Bank Account)
3) Applying for Debit / Credit Card
4) Opening a DEMAT Account
5) Payment of Hotel / Restaurant Bill exceeding Rs. 50,000
6) Payment for travel to Foreign Country / Foreign Currency exceeding Rs. 50,000
7) Buying Mutual Fund exceeding Rs. 50,000
8) Buying Debentures / Bonds exceeding Rs. 50,000
9) Deposits in cash with any bank / co-operative bank exceeding Rs. 50,000
10) Buying Life insurance Policy, with yearly premium exceeding Rs. 50,000
11) Sale / Purchase of unlisted Shares exceeding Rs. 1,00,000 per transaction
12) Sale / Purchase of Immovable Property exceeding Rs. 10 Lacs
13) Sale / Purchase of any Goods/ Services exceeding Rs. 2 Lacs per transaction
Hope you will comply with the good intention of Government in order to help it to curb mal practices related to the use of PAN and consequently, to curb the black money.
(Disclaimer: Before taking any action on the basis of above information, one is advised to take legal opinion from a learned tax practitioner. The author is not liable for any action done on the basis of above information / opinion)
The Government has mandated use of Aadhaar Number in most of the Subsidy Schemes where the benefit of Subsidy is directly transferred to beneficiary instead of
