Mandatory linking of PAN with Aadhaar and updating the linkage status with Axis Bank
As per section 139AA of the Income-tax Act, 1961 (‘Act’), every person who has been allotted a Permanent Account Number (‘PAN’) and is eligible to obtain an Aadhaar number must link their PAN with Aadhaar.
Further, as per Rule 114AAA of the Income-tax Rules, 1962, where a person fails to intimate their Aadhaar number as per Section 139AA (2) of the Act before 31st March 2022 the PAN of such person has become in-operative.
Adverse consequences for inoperative PANs are effective from 01st July 2023. Primary implications of non-linking PAN with Aadhaar are application of higher TDS/TCS rates. For more details, please refer to CBDT’s latest Circular No.
03 of 2023 dated 28/03/2023.In order to enjoy seamless banking, kindly link your PAN with Aadhaar.
You may visit the Income Tax department’s portal at https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar for linking your PAN with Aadhaar.
Visit https://eportal.incometax.gov.in/iec/foservices/#/pre-login/link-aadhaar-status to check the status of your PAN-Aadhaar
As per NSDL / CDSL guidelines, Demat account opening & transactions processing will be restricted for inoperative PAN.
As per extant RBI guidelines investment in RBI Bonds is not allowed for inoperative PAN.
As per extant RBI guidelines investment in Sovereign Gold Bonds is not allowed for inoperative PAN.
As per SEBI guidelines, ISA account opening and transactions processing will be restricted for inoperative PAN.
Post Linking, kindly reupdate the PAN with us through following channels
- Mobile Banking – Side menu Hamburger >> Services & Support >> Services >> My Profile >> Update PAN
- Internet Banking – Side Menu >> Services >> My Profile >> Edit icon on PAN No.
- Please reach out to your nearest branch for reupdating PAN
Also, customer will need to re update form 15G/H in case it was submitted earlier
Click below to read FAQs on Aadhaar-PAN linking: