The Central Government had extended the deadline for linking Permanent Account Number (PAN) and Aadhar card in view of the pandemic situation in the country. The deadline was extended from March 31 to June 30. However, the extended deadline is near and less than a month is left to combine both the documents.
The Central Board of Direct Taxes (CBDT) in its notification has said that if one fails to link PAN card with Aadhaar card then it will become inoperative. It also clarified that if the user links his PAN with the Aadhaar card after the expiry of the time limit, the PAN card will be “activated from the date of intimation of Aadhaar number.”
In Budget 2021, the central government added a new section 234H to the Income Tax Act, 1961, where individuals can be charged if their PAN is linked with Aadhaar after the due date. According to the new section, if PAN is linked with Aadhaar on or after July 1, 2021, then that person will have to pay a fine of more than Rs 1,000.
If your PAN card becomes inoperative, you will not be able to do financial transactions where it is mandatory to quote it. The CBDT notification from February 2021 mentions that once PAN is linked with Aadhaar, it will be re-activated from the date on which PAN is linked with Aadhaar.
If the PAN card is linked after the deadline i.e. 30th June, then the person will be liable for a fee which will be levied under section 234H. Therefore, it is advisable to connect the two before the deadline passes.
As per Income Tax laws, if a person’s PAN becomes inactive due to non-linking of Aadhaar by June 30, and such person is required to furnish or quote PAN, it will be presumed that he/she has furnished the required information. Not informed/quoted. document. This will make them liable for all consequences under the Income Tax Act.
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