The deadline for linking Aadhaar with Permanent Account Number (PAN) has passed. However, this does not mean that your PAN will become inoperative and useless.
Permanent Account Number ,PAN, base with (Aadhaar) Linking deadline has passed. However, this does not mean that your PAN will become inoperative and useless. According to a circular issued by CBDT, the PAN which is linked with Aadhaar (PAN Aadhaar Linking) has not been done, it will become inactive after 31 March 2023. taxpayers who (Taxpayers) Those linking their PAN with biometric Aadhaar by 30 June 2022 will have to pay a late fee of Rs 500. After this the fine will increase to Rs 1,000. The CBDT said that in order to reduce the hardships faced by the taxpayers, as per the notification dated March 29, 2022, taxpayers have by March 31, 2023 to inform the prescribed authority for linking of Aadhaar-PAN without any penalty. It’s time.
CBDT further said that late fee will also have to be paid along with such information.
have to pay the fee
The Income Tax Department, in a circular dated March 30, had said that, therefore, in order to make the section 234H and the existing rule 114AAA easier to implement, the rules have been laid down. The person, whose Permanent Account Number has become inoperative, shall be required to furnish or inform his/her Permanent Account Number under the Act. It will be presumed that he has not furnished, intimated the Permanent Account Number as per the provisions of the Act. And for not presenting it will be held responsible for all the consequences under the Act.
It further stated that it shall come into force from 1st April 2023 and during the period beginning 1st April 2020 and ending 31st March 2023, the said sub-rule will not have negative consequences. However, the taxpayer will have to pay the fee as per sub-rule (5A) of rule 114.
After March 31, 2023, taxpayers who are unable to provide their Aadhaar information, their PAN will become inoperative. And all the consequences of non-production of PAN will be applicable to such taxpayers.
Let us tell you that PAN is used for many transactions like opening a bank account, buying immovable property or as a proof of identity. Once your PAN is made inactive, one cannot do financial transactions in which it is mandatory to provide PAN.