The prescribed charge was Rs 500 until June 30, 2022 and Rs 1000 is being charged from July 01, 2022.
CBDT has additionally stated if PAN and Aadhaar just isn’t linked, taxpayers would possibly face issue at numerous different fora like banks and different monetary portals, as PAN is without doubt one of the essential KYC criterion for every kind of monetary transactions
As the federal government has prolonged the deadline to hyperlink the PAN card with Aadhaar card, PAN card of those that haven’t achieved this to date will proceed to be operative until June 30. However, after June 30, PAN card will turn out to be inoperative. Following this, other than different providers, individuals willl additionally not have the ability to get loans.
“As per ITD (earnings tax division) mandate, your PAN and Aadhaar ought to be linked earlier than (the deadline). Not doing so will result in momentary suspension of any new mortgage disbursal,” IDFC First Bank has said in a message circulated to users.
Apart from this, other services that will be stopped if you fail to link PAN with Aadhaar by June 30 are:
1) The person shall not be able to file return using the inoperative PAN
2) Pending returns will not be processed
3) Pending refunds can’t be issued to inoperative PANs
4) Pending proceedings as in the case of defective returns cannot be completed once the PAN is inoperative
5) Tax will be required to be deducted at a higher rate as PAN becomes inoperative.
According to a CBDT circular, if a person’s PAN becomes inoperative, “it shall be deemed that he has not furnished, intimated or quoted that permanent account number”.
The CBDT additionally stated if PAN and Aadhaar just isn’t linked, taxpayers would possibly face issue at numerous different fora like banks and different monetary portals, as PAN is without doubt one of the essential KYC criterion for every kind of monetary transactions.
How To Link Your Aadhaar Card with PAN:
Via SMS
1. Type “UIDPAN < 12-digit Aadhaar quantity > < 10-digit PAN > “
2. Send this SMS to 56161 or 567678 using your registered mobile number.
Via Income Tax Department Portal
Step 1: Visit ‘https://www.incometax.gov.in/iec/foportal/’, the e-filing portal of the I-T department.
Step 2: Click on the ‘Link Aadhaar’ option under the ‘Quick Links’ section of the webpage.
Step 3: This will redirect you to a new page where the PAN number, Aadhaar number and other required details like your name need to be entered.
The prescribed fee was Rs 500 till June 30, 2022. However, Rs 1,000 is being charged from July 01, 2022.
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