As per Government of India instructions a deadline of 30th June 2017 has been fixed to link PAN with the Aadhar and everybody is busy with getting the PAN linked with their Aadhars. But as per my estimate, the public has not taken the guidelines seriously. Either only the existing IT Return filers are linking their PAN with Aadhaar or the new IT Return filers are compelled to link their PAN Cards with Aadhaar. With approximately 250 million PAN card holders in India, and around 50 million taxpayers filing IT Returns, there would still be 200 million simple PAN card holders who would be required to link their PANs with Aadhaar before 30th June 2017. Most of the simple PAN Card Holders applied and got the PAN Cards so that they can cheat the exchequer through loopholes in the monitoring systems. I, being a CIBIL Consultant, being approached by so many individuals for solving their CIBIL Report related Problems. As I go deep into their CIBIL Rating and Score related issues, I can imagine the likely Impact of PANs being Linked to Aadhar with impunity. The linking process is likely to open a Pandora Box not only for the NSDL, UTIISL, Income Tax Authorities but also for the Banks, Financial Institutions, Credit Rating Agencies like CIBIL, Equifax, and Experian. I am discussing here under the likely impact of PAN linkage to Aadhar on individuals and institutions. I have already warned the non-filers of IT Return not to use the PAN Linking Link provided by the Income Tax India filing website. Anyhow let us discuss the likely impacts of linking of more than 30 Crore PANs with their Aadhars:
Existing IT Return Filers: (E-filing the Returns)
Existing IT Return Filers: (Manually Filing the Returns)
Individual, who have never filed their IT Return:
Approximately 200 million simple PAN Card holders fall into this category as they obtained the PAN for doing Cash Transactions above 50000 and other Transactions for which PAN Card was mandatory. These persons are also registered on the Government Website and only after checking their I.Tax Profile, 26AS and Compliance Sections they should link the PAN with Aadhar through the internal link or Link provided on the Home Page. Home Page link provides leverages for linking the Aadhar with PAN even if there are minor discrepancies in Aadhar, which can be sorted out later as advised above.
What to do if you are not able to Link PAN with Aadhar:
Such Persons should not come to any conclusion in a hurry. They should keep their PAN Card and Aadhar Card in their front and see as to which particulars are correct:
Linking of PAN Cards of Deceased Persons with Aadhar:
Impact of Linking on Bank and Financial Institutions:
Though the Government has not yet notified, if the existing deadline for linking is not extended beyond 30th June 2017, the unlinked PAN Cards will become redundant and ineffective w.e.f. 01st July 2017 without any further notice to the Public. To the best of my knowledge, I can easily infer that all the Bank Accounts, Financial Products linked to unlinked PAN Cards will automatically get frozen w.e.f.01st July 2017 and you may not be allowed to carry out any Cash or Bulk Transactions without providing the Linked PAN Cards. Banks will neither be able to deposit TDS on fixed deposits nor they will be able to issue Form 16 or Form-16A in respect of unlinked, redundant PAN Cards.
Impact of Linking on Credit Reports and CIBIL Reports:
Presently the Credit Reports by CIBIL and other Credit Rating Agencies are being generated on the basis of PAN Cards and/or Voter Cards. I have seen people using multiple PAN Cards and taking loans from Banks by providing different PAN Numbers to different Banks. I have also seen Different People having same PAN Number and CIBIL is generating wrong Credit Reports wherein the Loans taken by both the individuals sharing same PAN Number appear in the Credit Reports of both the individuals multiplying their problems. In one such case, I found that TDS being deducted was also being clubbed in one Form 26AS – and the smart individual was taking credit of TDS whereas the other poor fellow was running from pillar to post to get the refund of TDS as his income was below the Taxable Limit. The smart fellow had taken loans of more than 5 crores from more than 10 different banks, whereas the other poor fellow serving with the Railways could not get even a single Personal Loan against salary despite the fact that he never availed the loan from any bank or financial institutions. In my opinion, the Government should enact a law that Aadhar is the one and only one valid Proof of ID and Address in India. Having spent more than Rs.8500 Crores on the Aadhar Project, the Modi Government must enforce the laws related to multiple identities, Date of Birth and Address in such a way that every Indian citizen should get all their ID, DOB and Address proofs synchronized through Aadhar within a timebound period not exceeding 31st December 2017. In my opinion, if Aadhar Project is implemented with all sanity than the day is not far away when India will really become Digital India.
Your PAN Card is required because all credit scores are matched to unique PAN card number. PAN Card serves the purpose of documentation for ID proof, address proof, and financial documentation. Your PAN Card makes it easier for the credit bureaus to locate your details efficiently. However, PAN card is a necessary document if you are applying for a credit card or a loan, banks and other lenders have made it mandatory to submit PAN card details, while applying for credit card and loans as it is associated with all financial transactions.
Minimum CIBIL credit score for personal Loans is 750+. It is generally considered to have a CIBIL credit score of 750 to avail a hassle-free Loan approval of Personal Loans. If your CIBIL credit score is 770, Your score is already excellent and increasing it to 780 will not help much. So it is better that you maintain this score and avoid doing things that might affect your score.
“IF ONE DOES NOT HAVE A PAN CARD, THEY CAN REQUEST CIBIL TO USE THEIR VOTER ID, PASSPORT INSTEAD.”
These Are The Steps Need To Be Followed To Check Your Cibil Score By Using The Pan Card:
Or you can go to Check Free Cibil Score by Pan Card Online
It contains your past and present credit history.Today Banks and Financial Institutes sanctions loan based on your credit history. So a good score will help you to get loans sanctioned easily. You can follow the discipline in future by analyzing the current score. It helps you to understand your credit worthiness.It will automatically understand you whether to go ahead for fresh credit or not.Usually 750 to 800+ range of score is considered as a good score.
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