Published By: (*30*)Vidushi Sagar
Last Updated: March 28, 2023, 15:46 IST
Linking your Aadhaar to your PAN will hold the tax return process from getting cancelled and also will assist in summarising the taxes associated to the Aadhaar for future reference (Image: News18 Telugu)
Explained: There are a number of advantages of PAN-Aadhaar linkage
The authorities on Tuesday prolonged the deadline for linking PAN and Aadhaar by three months to June 30, 2023, to offer some extra time to taxpayers, an official assertion stated.
The earlier deadline was ending on March 31. Persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking with out dealing with repercussions, it added. Read extra particulars right here
Under the provisions of the Income-tax Act, 1961, each one who has been allotted a PAN as on July 1, 2017, and is eligible to acquire Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or earlier than March 31, 2023, on fee of a prescribed price.
“Failure to take action shall entice sure repercussions below the Income Tax Act w.e.f. April 1, 2023. The date for intimating Aadhaar to the prescribed authority for the aim of linking PAN and Aadhaar has now been prolonged to June 30, 2023,” it stated.
From July 1, 2023, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative. It is stated that more than 51 crore PANs have already been linked with Aadhaar till date.
Why Does Govt Want PAN-Aadhaar Linkage?
There are multiple benefits of PAN-Aadhaar linkage, as per reports.
“The uniqueness of PAN is achieved by conducting a de-duplication check on all already existing allotted PAN against the data furnished by new applicant. Under the existing system of PAN, only demographic data is captured,” the federal government had stated from its Digital India account on Twitter.
The first, in keeping with a report by Hindustan Times, is that by linking PAN and Aadhaar, the prospect of a person possessing multiple PAN Card is eradicated, minimising fraudulent exercise.
Also, after PAN is related with Aadhaar, the Income Tax Agency would be capable of detect any kind of tax evasion.
And people will now not be wanted to present documentation that they’ve submitted their revenue tax returns, making the method of submitting them extra easier. Because Aadhaar has all of a person’s info, together with biometric verification, linking will end in a speedier return submitting course of.
Linking your Aadhaar to your PAN will hold the tax return process from getting cancelled and also will assist in summarising the taxes associated to the Aadhaar for future reference.
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