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Failing to do so will result in deactivation of their PAN cards, which means they cannot use it for financial transactions in India.
“The last date to link your PAN with the Aadhaar is 31st December, 2019. Not linking your PAN with your Aadhaar on or before 31st December shall make your PAN inoperative. To do so, please visit www.incometaxindiaefiling.gov.in.” - Income Tax Department of India
Initially the deadline was September 30, 2019, but was extended to the end of this year.
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