Link your PAN to Aadhaar by December 31 or it may become inoperative

There are only seven days left for linking your Income-tax permanent account number (PAN) with your Aadhaar--the deadline is December 31.

Linking PAN to Aadhar is mandatory if you want to file your income tax return. Says Balwant Jain, a Mumbai-based tax expert:

"Those who have not linked their PAN to their Aadhar by this date will find their PAN becoming inoperative." Initially, the authorities had proposed to render the PAN invalid for non-linkage by September this year. However, rendering it invalid would have put a question mark on all transactions done using the PAN prior to that date as well. Jain says, "In order to protect the validity of the transactions that have already been effected, the PAN will now become inoperative by December 31, if it isn't linked to Aadhar by this date." This effectively means that you will no longer be able to use it with prospective effect. All retrospective transactions will remain valid. Read Complete Article