Last Updated: March 23, 2023, 12:52 IST
The deadline to hyperlink Aadhaar with PAN stays the identical as March 31, 2023.
The final date for linking Permanent Account Number (PAN) with Aadhaar is March 31, 2023.
PAN-Aadhaar Link Last Date March 31: The final date for linking Permanent Account Number (PAN) with Aadhaar is March 31, 2023. Following March 31, the PAN card of taxpayers who don’t present their Aadhaar as required will not be legitimate, and they are going to be topic to the entire Act’s penalties for failing to present, notify, or cite their PAN.
Every particular person who has been assigned a PAN as of July 1, 2017, and who’s certified to obtain an Aadhaar quantity, is obliged to inform the desired authority of his Aadhaar on or earlier than March 31, 2023, in accordance with the phrases of the Income-tax Act, 1961.
If they don’t, then their PAN will cease working and any therapies that want a PAN might be stopped. The PAN might be operational once more upon intimation of the Aadhaar to the prescribed authority after fee of a prescribed price.
Why PAN-Aadhaar Link is essential?
PAN-Aadhaar linking can be part of the Know Your Customer (KYC) necessities for numerous monetary providers and investments.
The PAN-Aadhaar linking train is geared toward stopping the de-duplication of PANs. It may even assist in figuring out bogus PANs as a number of situations of allotment of a number of PANs to single people have been observed previously.
If the PAN of a person turns into inoperative then s/he will be unable to file Income Tax Returns. Also, pending ITRs and Income Tax Refunds is not going to be processed. Moreover, people submitting ITRs with out PAN are required to pay taxes at the next fee.
Even in securities markets, having a sound PAN is necessary for all individuals, in accordance to SEBI rules.
Who shouldn’t be required to hyperlink PAN-Aadhaar?
Individuals dwelling in Assam, Jammu and Kashmir and Meghalaya are exempted from PAN-Aadhaar linking. Non-residents in addition to people aged 80 years or above are additionally exempted.
Aadhaar-PAN Link – Fee & Penalty
As of now, people may have to pay a high-quality of Rs 1000 for linking PAN-Aadhaar. Till June 30, 2022, this penalty was Rs 500 which was doubled from July 1, 2022 onwards.
Aadhaar-PAN Link Online: How to Link Aadhar with PAN Card Online?
Follow the steps given under to hyperlink your PAN-Aadhaar by yourself-
Step 1: Visit the Income Tax e-filing web site – https://www.incometax.gov.in/.
Step 2: Find the choice of ‘Quick Links’, obtainable on the left aspect of the homepage web page.
Step 3: Click on the ‘Link Aadhaar’ choice.
Step 4: Enter the required particulars – PAN card quantity, Aadhar quantity and title.
Step 5: After giving this info, an OTP might be despatched to you.
Step 6: Entering the OTP,
Step 7: Your Aadhaar and PAN might be linked.
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