PAN-Aadhaar Link Last Date March 31: The last date for linking Permanent Account Number (PAN) with Aadhaar is March 31, 2023. Following March 31, the PAN card of taxpayers who do not provide their Aadhaar as required will no longer be valid, and they will be subject to all of the Act’s penalties for failing to provide, notify, or cite their PAN.
Every individual who has been assigned a PAN as of July 1, 2017, and who is qualified to receive an Aadhaar number, is obliged to inform the specified authority of his Aadhaar on or before March 31, 2023, in accordance with the terms of the Income-tax Act, 1961.
If they don’t, then their PAN will stop working and any treatments that need a PAN will be stopped. The PAN will be operational again upon intimation of the Aadhaar to the prescribed authority after payment of a prescribed fee.
Why PAN-Aadhaar Link is important?
PAN-Aadhaar linking is also a part of the Know Your Customer (KYC) requirements for various financial services and investments.
The PAN-Aadhaar linking exercise is aimed at stopping the de-duplication of PANs. It will also help in identifying bogus PANs as several instances of allotment of multiple PANs to single individuals have been noticed in the past.
If the PAN of an individual becomes inoperative then s/he will not be able to file Income Tax Returns. Also, pending ITRs and Income Tax Refunds will not be processed. Moreover, individuals filing ITRs without PAN are required to pay taxes at a higher rate.
Even in securities markets, having a valid PAN is mandatory for all participants, according to SEBI regulations.
Who is not required to link PAN-Aadhaar?
Individuals living in Assam, Jammu and Kashmir and Meghalaya are exempted from PAN-Aadhaar linking. Non-residents as well as individuals aged 80 years or above are also exempted.
Aadhaar-PAN Link – Fee & Penalty
As of now, individuals will have to pay a fine of Rs 1000 for linking PAN-Aadhaar. Till June 30, 2022, this penalty was Rs 500 which was doubled from July 1, 2022 onwards.
Aadhaar-PAN Link Online: How to Link Aadhar with PAN Card Online?
Follow the steps given below to link your PAN-Aadhaar by yourself-
Step 1: Visit the Income Tax e-filing website – https://www.incometax.gov.in/.
Step 2: Find the option of ‘Quick Links’, available on the left side of the homepage page.
Step 3: Click on the ‘Link Aadhaar’ option.
Step 4: Enter the required details – PAN card number, Aadhar number and name.
Step 5: After giving this information, an OTP will be sent to you.
Step 6: Entering the OTP,
Step 7: Your Aadhaar and PAN will be linked.
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