Link PAN-Aadhaar before deadline to avoid NPS restrictions; check steps

As a means to combat tax evasion and foster financial transparency, the government has implemented a compulsory requirement for individuals to connect their Permanent Account Number (PAN) with Aadhaar. If the deadline is not met, individuals may face consequences such as the suspension or deactivation of their National Pension System (NPS) accounts. To avoid any disruption to their NPS accounts, individuals must prioritise linking their PAN with Aadhaar before the approaching 30 June deadline. The circular by Pension Fund Regulatory and Development Authority (PFRDA) reads, “In continuation to our earlier advisory dated March 23, 2023, on the captioned subject, the date for linking PAN with Aadhaar has been extended till June 30, 2023 in accordance with CBDT press release dated March 28, 2023.” The NPS is a retirement savings scheme introduced by the Indian government, offering a reliable source of income after retirement. Due to its attractive returns and tax benefits, it has gained significant popularity among individuals. To continue enjoying the benefits provided by the NPS, it is crucial to adhere to government regulations, which includes linking PAN and Aadhaar. This linkage ensures that you follow the rules set by the government and helps in managing your retirement funds effectively. It enables you to make the most of the benefits provided by the NPS. If you fail to link your PAN and Aadhaar before the deadline, it can lead to several limitations on your NPS account. These limitations may involve restrictions on making additional contributions, limited access to account details, or the suspension of your account altogether. In order to prevent any inconvenience or potential loss of benefits, it is of utmost importance to take prompt action and ensure the timely linking of your PAN and Aadhaar before 30 June. PAN and Aadhaar are unique identification numbers issued by different government entities in India. While PAN is a 10-digit alphanumeric identifier provided by the Income Tax Department, Aadhaar is a twelve-digit unique identification number issued by UIDAI. Linking these two identification numbers is crucial as it enables the government to enhance the monitoring of financial transactions, detect tax evasion, and prevent the misuse of multiple PAN cards. Here is a step-by-step process to link PAN and Aadhaar online:  Step 1: First of all, visit the official income tax e-filing website at https://www.incometaxindiaefiling.gov.in. Step 2: After this, look for the “Quick Links” tab and proceed by clicking on the “Link Aadhaar” option. Step 3: Alternatively, you can directly access the Aadhaar linking page by using this URL: https://www.incometaxindiaefiling.gov.in/e-Filing/Services/LinkAadhaarHome.html. Step 4: On the Link Aadhaar page, you will see a form where you need to provide the required details. Step 5: Enter your PAN, Aadhaar number, and your name exactly as it appears on your Aadhaar card. Step 6: Verify the details carefully to ensure accuracy, and if your Aadhaar card only mentions the year of birth and not the complete date of birth, make sure to select the checkbox indicating the same. Step 7: Along with the details, you will also need to enter the “Captcha Code” provided for verification purposes. Step 8: If you possess only an Aadhaar card and not a PAN card, you can select the option that says “I have only Aadhaar”. Step 9: Once you have filled in all the required details, press the “Link Aadhaar” button. Step 10: If the information you provided matches the details in the Aadhaar database, your PAN will be successfully linked with Aadhaar. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.