PAN-Aadhaar Linking Penalty: Penalty for July 1 through Friday, which is today linking pan aadhaar has doubled. until 30th June, PAN-Aadhaar Linking The fine was Rs 500, but has been increased to Rs 1000 from July 1, as per the directions of the Central Board of Direct Taxes, or CBDT. Apex tax board extends deadline Link PAN-Aadhaar Till March 31, 2023, but those who are yet to link will have to pay a double fine of Rs 1,000 from today.
How to Pay PAN Aadhaar Linking Fee on Income Tax Portal?
If someone wants to link his/her PAN-Aadhaar now, as mentioned above, he/she will have to pay a fine of Rs 1,000. This can be done by paying the amount under challan number ITNS 280 on the NSDL portal. “The late fee can be paid under Challan No. ITNS 280 with Major Head 0021 (Income Tax other than Companies) and Minor Head 500 (Other Receipts) through e-payment service available on Tax Information Network website of Income Tax Department. Through the medium,” said Sharat Chandrashekhar, partner, DSK Legal.
Here is the step by step process to pay PAN Aadhar late fee
Step 1: Visit the link https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp to proceed with your Aadhaar PAN link request.
Step 2: Under the available options, proceed under Challan number ITNS 280 to submit PAN-Aadhaar link request
Step 3: From there select the applicable tax
Step 4: Payment should be made under Major Head 0021 (Income Tax other than Companies) and Minor Head 500 (Other Receipts) in the same challan
Step 5: You can pay either through net banking or credit card. Select your preferred mode and enter details
Step 6: Enter your PAN, Address and Assessment Year
Step 7: Enter the captcha and make the payment
In this regard it is to be noted that the payments made on the NSDL portal require some time to be reflected on the Income Tax e-filing portal. So, those who want to link PAN-Aadhaar should try to make their requests a few days after paying the fine, according to experts.
What happens if PAN-Aadhaar is not linked?
While the CBDT has extended the deadline for linking PAN-Aadhaar, it is mandatory to get the work done. “If a person (who is eligible to get an Aadhaar number) fails to link his Aadhaar with PAN by March 31, 2023, the PAN of such persons may become inoperative and not all the consequences under the Income Tax Act, 1961.” shall be applicable to such persons furnishing, reporting or quoting PAN. Accordingly, such persons shall not, inter alia, be able to conduct financial transactions after 31st March, 2023, for which disclosure of PAN, It is necessary to file income tax returns, open a bank account and/or invest in mutual funds. Further, the income tax authority will not process pending returns nor complete proceedings in respect of defective returns filed by such persons,” Chandrashekhar said. .
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