The PAN card, which is utilized for financial transactions, is a crucial document. The linking of PAN cards and Aadhaar cards is also crucial, and this process has to be finished by June 30, 2023. Many people have yet to link their PAN card and Aadhaar card, though. The question then becomes, will his salary be deposited into his account in such a case? Let’s discuss it.
What if the PAN card isn’t connected?
By June 30, 2023, if a PAN is not connected to an Aadhaar, it will no longer be “operational.” According to Income Tax regulations, a person without a PAN is considered to have an inoperative PAN. As a result, they won’t be able to quote the PAN. You cannot open a bank account or invest in a bank FD with an inactive PAN card.
Will the pay thus be deposited into the account?
Additionally, if the PAN that is currently in use has expired, you can have concerns about banking activities. Will the credit of salary in the bank account be impacted by an inoperative PAN? Explain that a PAN will be considered inoperative and that a person will not be allowed to provide, inform, or display their PAN if it is not connected to their Aadhaar. The salary will however continue to be credited to the bank account even in cases when the PAN is invalid.
PAN Card & Aadhaar Updates – No prohibition on salary deposits
The information indicates that both salary payment and TDS deduction will continue. The credit of a customer’s salary to their bank account is not blocked by banks. The salary might, however, not arrive in their bank account right away. To disburse pay, employers often need a working PAN, and problems can arise if the PAN is invalid.
TDS
It is recommended that the person let their employer know about the circumstance and work together to find a workable solution, like temporarily supplying a different identity paper. In addition, an inactive PAN does not necessarily indicate that the PAN card is completely inoperative. The employer may still withhold taxes and submit a TDS return citing the invalid PAN.
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