New Delhi: As many as 20 crore Permanent Account Number (PAN) cards will be declared invalid after August 31 this year, if they are not linked with the holder’s Aadhaar number.
Once the Income Tax Department cancels the PAN card, it cannot be used again.
According to the Central Board of Direct Taxes (CBDT), there are 43 crore PAN card holders in India and 120 crore Aadhaar holders.
An official of the CBDT said that it is not possible that 20 crore PAN card holders in India do not have an Aadhaar card.
The official also said that anyone who does not own an Aadhar Card yet will get more than 40 days to get the unique number.
The decision was taken in the wake of reports received by the Income Tax Department about its illegal use for making loans or getting a credit card.
It is compulsory to link the PAN with Aadhar number, failing to which the PAN card will be invalid from September 1, 2019.