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Starting from 1st July, Penalty to be levied on those who do not link their PAN with Aadhaar
Starting from 1st July, Penalty to be levied on those who do not link their PAN with Aadhaar
The Central Board of Direct Taxes (CBDT) is an apex decision making body for direct taxes, in the past too, the CBDT has extended the deadline for linking Permanent Account Number(PAN) with Aadhaar.
The Central Board of Direct Taxes (CBDT) is an apex decision making body for direct taxes, in the past too, the CBDT has extended the deadline for linking Permanent Account Number(PAN) with Aadhaar.
There is both good and bad news relating to linking of PAN and Aadhaar Card. According to the circular issued by the CBDT, if Pan is not linked with your Adhaar, this would become inoperative after 31st March 2023, in other words, individual can still use their PAN card for a year now.
The income Tax Department has stated that by non-linking of PAN with Aadhaar by 31st March, it would only attract penalty nearing to Rs.1000, but such PAN would remain functional for one year more till March 2023, for filing the ITR, claiming refunds and other I-T procedures.
The bad news is that, those taxpayers who link their PAN Card with biometric Aadhaar by 30th June 2022, would be required to pay late fees of Rs. 500. Beyond that, penalty would rise to Rs. 1000.
In order to mitigate the inconvenience to taxpayers, as per the notifications dated 29th Mach 2022, a window of opportunity has been offered to taxpayers up to 31st March,2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-Pan linking without facing repercussions, the CBDT stated, adding such intimation would need to be accompanied by late fees.
"However, till 31st March, 2023 the PAN of the assesses who have still not intimated their Aadhar, would continue to be functional for the procedures under the Act, such furnishing of return of income, processing of refunds, the CBDT statement stated.
What would happen if your Pan Card become inactive?
After 31st March, 2023, the Pan of the taxpayers who fail to intimate their Aadhaar, as required would become inoperative and all the consequences under the act for not furnishing, intimating or quoting the Pan shall apply to such taxpayers, the CBDT stated.
Once the Pan becomes inactive, you would be restricted from doing financial transactions (where quoting of PAN is mandatory like mutual funds), subjected to TDS at higher rates and penalty under section 272B.
