New Delhi: The Income Tax Administration has repeatedly extended the window for linking of PAN card with Aadhaar card during the last few months. The required documents will now have to be linked by March 31, 2023.
According to the Income Tax Department, on failing to link their PAN card with their Aadhaar card by March 31, 2023, PAN card holders will be left with an invalid PAN. If such notification was issued between April 1, 2022 and June 30, 2022, then a fee of Rs 500 was to be paid. The IT department then announced that linking of Aadhaar and PAN would attract a penalty of Rs 1,000. ,Also Read: 7th Pay Commission: DA Hike To Be Announced Soon – Check Latest Updates,
Consequently, you have time to link your Aadhaar card and PAN card before your PAN becomes invalid by paying a fine of Rs 1,000. ,Also Read: In This Country You Can Buy Gold Without Paying Tax – Read Here,
Why link PAN with Aadhaar?
Since linking your Permanent Account Number (PAN) and Aadhaar number has been made mandatory by the government, PAN-Aadhaar linkage is essentially the process of doing so.
“Please don’t delay, link it today! As per the IT Act, it is mandatory for all PAN-holders who do not fall in the exempted category, to link their Permanent Account Number (PAN) with Aadhaar before March 31, 2023. Linking is mandatory. From April 1, 2023, unlinked PANs become inactive,” reads a public advisory issued by the IT department on Twitter.
Instant notification!
As per the Income Tax Act, 1961, it is mandatory for all PAN holders, who do not fall in the exempted category, to link their PAN with Aadhaar before 31.03.2023.
With effect from 1.04.2023, the unlinked PAN will become inoperative.
Please don’t delay, link it today! pic.twitter.com/YsysxzUjEJ— Income Tax India (@IncomeTaxIndia) February 28, 2023
Consequences of not linking PAN with Aadhaar
Failure to link PAN-Aadhaar will result in the following consequences for you
PAN card becomes inactive
Without PAN you will not be able to file ITR.
– Pending returns will not be paid
– You may not get a pending refund
– You have to pay more tax