[FREE Edition] Is Your PAN Card Active or Inoperative? Settlewise Birthday! June Visa Bulletin.
Discover How to Check Status of your PAN and Reactivate Now!
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Celebrating One Year of SettleWise: A Heartfelt Thank You to Our Loyal Subscribers
As we mark the first anniversary of SettleWise, we are filled with gratitude for the unwavering support and trust of our loyal subscribers. Over the past year, SettleWise has been dedicated to providing valuable insights and knowledge to help the community navigate the journey of settling in the USA with confidence and ease.
We are immensely grateful for the opportunity to be a part of your journey and to share in the joy of your successes and milestones. Your feedback, engagement, and support have been the driving force behind SettleWise's growth and success, and for that, we extend our heartfelt thanks.
As we reflect on the past year, we are humbled by the impact that SettleWise has had on the lives of our subscribers. As we look ahead to the future, we remain committed to serving our community with the same dedication and passion that has guided us thus far. We invite you to continue supporting SettleWise as we embark on the next phase of our journey together.
Thank you once again for your continued support, loyalty, and trust in SettleWise. Here's to many more years of growth, learning, and success together!
With Warm Regards,
Team SettleWise
Is Your PAN Card Active or Inoperative? Discover How to Check Status and Reactivate Now!
If you know someone moved to USA and could use some guidance, please share this with them to help them benefit.
As per a recent CBDT (Central Board of Direct Taxes) notification, linking PAN with Aadhaar is mandatory for all individuals (except exempt categories) by June 30, 2023. Failure to link PAN with Aadhaar renders the PAN card inoperative, affecting financial transactions. To check PAN validity and take corrective measures, individuals can follow these steps. You need PAN number and Valid mobile number to check the PAN Card Status.
Steps to Verify PAN Card Status:
1. Visit the Income Tax e-filing website.
2. Click 'Verify Your PAN' under the 'Quick Links' section.
3. Enter PAN, name, date of birth, and mobile number, then click 'Continue'.
4. Enter OTP sent to your mobile and click 'Validate'.
Consequences of an Inoperative PAN:
When your PAN card becomes inoperative, it's not just a mere inconvenience – it significantly impacts your ability to conduct various financial transactions. Here's a detailed breakdown of the consequences you may face:
Account Opening Restrictions: You'll be unable to open a regular account with a banking company or cooperative bank, except for time deposits and basic savings bank deposit accounts.
Credit and Debit Card Application Halt: Applying for credit and debit cards becomes off-limits until your PAN is reactivated.
Demat Account Barrier: Planning to open a demat account for securities trading? Not possible with an inoperative PAN.
Cash Payment Limitations: Cash transactions exceeding Rs.50,000 for various purposes, such as dining at restaurants, hotel bills, foreign travel expenses, mutual fund investments, purchasing bonds or debentures, paying RBI for bonds, will be restricted.
Deposit Thresholds: Deposits of cash exceeding Rs.50,000 in a single day or aggregating to more than Rs.50,000 during a financial year are prohibited.
Banking Instrument Purchase Restriction: Buying bank drafts, banker's cheques, or pay orders exceeding Rs.50,000 in one day from a banking company or cooperative bank is not allowed.
Time Deposit Limits: Opening time deposits exceeding Rs.50,000 or aggregating to over Rs.5 lakh during a financial year with banks, post offices, cooperative banks, NBFCs, or Nidhi companies is restricted.
Prepaid Payment Restrictions: Payments exceeding Rs.50,000 in a financial year for prepaid payment instruments to banks, cooperative banks, or other institutions are prohibited.
Life Insurance Premium Payments: Payments exceeding Rs.50,000 in a financial year towards life insurance premiums to insurers cannot be made.
Securities Transaction Limits: Transactions involving securities (excluding shares) exceeding Rs.1 lakh per transaction or shares of unlisted companies exceeding Rs.1 lakh per transaction are restricted.
Additionally, bear in mind that inoperative PANs incur higher taxes for specific transactions, such as purchasing or selling motor vehicles or immovable property exceeding Rs.10 lakh, or goods or services exceeding Rs.2 lakh per transaction. These restrictions underscore the critical importance of ensuring your PAN remains active to facilitate smooth financial operations.
How to Reactivate an Inoperative PAN:
To reactivate an inoperative PAN, individuals must link PAN-Aadhaar after paying a penalty of Rs. 1,000. Follow these steps to link PAN-Aadhaar and check the status:
1. Visit the Income Tax e-filing website.
2. Click 'e-Pay Tax' and proceed with payment.
3. After payment, click 'Link Aadhaar' and enter PAN, Aadhaar details.
4. Validate and send the request for linking.
By understanding PAN card status and taking necessary actions, individuals can ensure financial compliance and avoid disruptions in transactions. Stay informed and proactive to maintain financial stability and compliance with tax regulations.
June Visa Bulletin
In the visa bulletin date movement from May to June 2024, we see a less to no update in the employment-based section. In the final action chart, while there is no movement for EB1, which remains current across all other chargeability areas, there is a slight advancement for EB3 India. The dates have progressed from August 15, 2012, to August 22, 2012, signifying a one-week forward movement. However, there are no changes for EB2, EB3 China, Mexico, or the Philippines, as well as in other categories such as certain religious workers and EB5.
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