Your bank account details provide all the insight into your financial transactions and this is where the IT department deducts taxes from as well.
Therefore, linking your PAN card to your bank account is a way to link a PAN card to income tax. This can be done in the following way.
- Step 1: On your bank’s online application, log in to your internet banking account using your user ID and password.
- Step 2: You will find options similar to PAN registration, Service requests, or Service. Select the most suitable option.
- Step 3: Next, select from options to update or link your PAN.
- Step 4: Now, enter your PAN number and other necessary details, if any.
Upon completing the above procedure, you can expect a successful linking of your PAN and bank account within 2-7 business days.
In addition to linking PAN to a bank account, the government also mandates every taxpayer to link a PAN card to an Aadhaar card under Section 139AA of the IT Act, introduced in the Union Budget 2017.
So, if you haven’ done that yet, hurry before the deadline expires!
For solutions to any further queries regarding this document, you can contact the PAN card customer care number available on the NSDL portal.