The last date for linking of PAN-Aadhaar extended
Educational News: The Central Board of Direct Taxes (CBDT) has given another relaxation in the deadline for linking Permanent Account Number (PAN) with Aadhaar. The last date for linking PAN with Aadhaar has now been extended to June 30, 2023.
Deadline extended till 30 June 2023
The Finance Ministry issued this information in a press release on Tuesday, March 28, 2023. In this, the CBDT has said that “Given some more time to the taxpayers, the date for linking of PAN and Aadhaar has been extended till June 30, 2023.
This enables people to report their Aadhaar to the designated authority for Aadhaar-PAN linking without facing any hassle.”
The deadline extended for the fifth time
For your information, let us tell you that CBDT has extended the deadline for linking PAN with Aadhaar for the fifth time on Tuesday. “A notification to this effect is being issued separately,” he added.
Who will need to link PAN with Aadhaar?
The CBDT stated that “under the provisions of the Income-tax Act, 1961 (‘Act’), every person who has been allotted PAN as of 1st July, 2017 and is eligible to obtain an Aadhaar number shall, on or before 31st March 2023, required to inform its Aadhaar to the prescribed authority on payment of the prescribed fee.”
It was further added that “Failure to do so would attract certain consequences under the Act with effect from April 1, 2023. The date for notification of Aadhaar to the prescribed authority for the purpose of linking of PAN and Aadhaar has now been extended up to June 30, 2023.”
What if You fails to link Aadhaar with PAN?
“With effect from July 1, 2023, taxpayers who fail to compulsorily intimate their Aadhaar, their PAN will become inoperative,” the CBDT said.
The results during the period of PAN being inactive will be as follows:
i) No refund will be made for such PAN
ii) No interest shall be payable on such refund for the period during which the PAN remains inoperative
iii) TDS and TCS will be deducted/collected at a higher rate as provided in the Income Tax Act, 1961.
What is the Fine?
If the PAN becomes inoperative, individuals will have to pay a nominal fine of Rs 1,000 to link it with Aadhaar. “The PAN can be made operative again in 30 days on intimation of Aadhaar to the prescribed authority after payment of a fee of Rs 1,000,” the CBDT said.
For whom Aadhaar-PAN linking is not mandatory?
Mandatory linking of Aadhaar with PAN does not apply to four categories…
1) Residents of the states of Assam, Jammu & Kashmir and Meghalaya
2) Non-Resident Indian (NRI) as per Income Tax Act, 1961
3) Any person who was of the age of 80 years or more at any time during the previous year
4) Persons who are not citizens of India
Over 51 crore PAN-Aadhaar linked
Those who fall in any of the above categories will not be required to link their PAN with their Aadhaar till the deadline. However, if they wish, they can voluntarily link both documents.
But for other individuals, it is mandatory to link your Aadhaar with your PAN by 30 June 2023. CBDT told that till now more than 51 crore PAN has been linked with Aadhaar.
For the Latest Educational News (CBSE, ICSE, and State Board News) and live news updates, like us on Facebook or follow us on Twitter and Join our Premium Telegram Channel. Read more on Latest Exams & Results News on Shikshapress.com.