PAN-Aadhaar Link: The authorities on Tuesday prolonged the deadline for linking Permanent Account Number with Aadhaar by three months to June 30, 2023 to allow individuals adjust to the necessary revenue tax provisions.
The deadline for linking PAN with Aadhaar was to finish on March 31.
There have been calls for, together with from political events, for giving extra time to individuals to hyperlink PAN with their distinctive 12-digit identification quantity Aadhaar.
“In order to offer some extra time to the taxpayers, the date for linking PAN and Aadhaar has been prolonged to June 30, 2023, whereby individuals can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking with out dealing with repercussions,” the finance ministry said in a statement.
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Earlier also, the government had extended the deadline several times.
PAN-Aadhaar Link Fee And Penalty
The government had imposed a fee of Rs 500 on linking of PAN with Aadhaar from April 1, 2022 and the amount was later increased to Rs 1,000 from July 1, 2022.
It should be noted that the payment of fees of Rs 1,000 remains mandatory, and no relaxation has been given in this regard.
Is Linking PAN With Aadhaar Mandatory?
As per the income tax department, failure to link the two unique identities will lead to the unlinked PAN becoming inoperative.
Failure to do so would have attracted certain actions under the Act from April 1, 2023.
“The date for intimating Aadhaar to the prescribed authority for the purpose of linking PAN and Aadhaar has now been extended to June 30, 2023,” the assertion mentioned.
What If PAN Is Not Linked To Aadhaar By June 30, 2023?
From July 01, 2023, the PAN of taxpayers who’ve did not intimate their Aadhaar, as required, shall change into inoperative and the implications throughout the interval that PAN stays inoperative might be as follows:
– No refund shall be made in opposition to such PANs;
– Interest shall not be payable on such refund for the interval throughout which PAN stays inoperative; and
– TDS and TCS shall be deducted /collected at a larger price, as supplied within the Act.
– The PAN could be made operative once more in 30 days, upon intimation of Aadhaar to the prescribed authority after cost of charge of Rs.1,000.
According to the ministry, these individuals who’ve been exempted from PAN-Aadhaar linking won’t be liable to face motion.
This class contains these residing in specified states, a non-resident as per the Income Tax Act, a person who will not be a citizen of India or people of the age of eighty years or extra at any time throughout the earlier yr.
So far, greater than 51 crore PANs have been linked with Aadhaar.
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