New Delhi, Dec 24: PAN holders must link their Permanent Account Number (PAN) with Aadhaar by December 31 to avoid deactivation. Failing to do so may result in financial challenges, including difficulties in filing income tax returns, potential issues with refunds, and higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS).
An inactive PAN can also prevent bank account openings, credit card access, and may impact Know Your Customer (KYC) processes, leading to the denial of government services. Taxpayers are advised to complete the linking process promptly to prevent these repercussions.
