Overview
Following the expiration of the final deadline on December 31, unlinked PAN cards have been rendered inoperative starting today. This move by the Income Tax department aims to curb tax evasion and ensure data integrity.
Consequences
- Banking: Inoperative PAN affects high-value transactions and account opening
- Tax Filings: Taxpayers cannot file returns without a valid linked PAN
- TDS/TCS: Higher rates of tax deduction may apply to inoperative PAN holders
- Compliance: Millions of users are expected to be affected by this enforcement