10 things you can't do without PAN
Not linking PAN card with Aadhaar has many consequences. The first is that the PAN becomes inoperative. after which these ten things that cannot be done.
The last date for linking PAN with Aadhaar is over. Those who have not linked their PAN card with Aadhaar, their PAN card has become inactive from July 1, 2023. Now, to reactivate it, a fee of Rs 1,000 will have to be paid and your card will be reactivated after 30 days. If your PAN card is inactive, then there are 10 big things that you will not be able to do.
1. No refund from IT deptt
If your PAN card is inoperative, you can file Income Tax Return (ITR) but no refunds would be paid.
2. Credit-debit card
You will not be able to apply for credit card and debit card.
3. Realty deals
Higher tax will have to be paid on the purchase or sale of immovable property worth more than Rs 10 lakh or property with a stamp duty of more than Rs 10 lakh.
4. Higher tax
Paying more than Rs 2 lakh per transaction for any purchase and sale will attract higher tax.
5. Insurance policy
Will not be able to pay more than Rs 50,000 as premium for insurance policies in a financial year.
6. Demat account
If your PAN is inoperative, you will not be able to open a demat account. Apart from this, you will not be able to pay more than Rs 50,000 to buy mutual fund units.
7. Cap on equity investment
You will not be able to pay more than one lakh rupees at a time for the purchase and sale of any security.
8. Buying unlisted shares
Will not be able to pay more than one lakh rupees for buying and selling shares of companies not listed on the stock exchange.
9. Vehicle purchase and sale
If the PAN is inactive, more tax will have to be paid on the purchase and sale of vehicles.
10. Fixed Deposit-Savings Account
Bank or co-operative bank will not be able to open any account except fixed deposit and savings account. Also, cannot deposit more than Rs 50,000 in cash in any account.