The recent notification issued by the Central Board of Direct Taxes, or CBDT, states that failing to link Aadhaar and PAN results in a punishment of up to Rs 1,000.
New Delhi: The deadline for linking your Permanent Account Number (PAN) with Aadhaar has already passed. This means that your PAN may become inactive and that you may be required to pay a fee to revive it. However, if you pay the fine and link your Aadhaar-PAN, you will be able to reclaim services such as opening a bank account, purchasing immovable property, proving your identity, and investing in mutual funds, among other things.
The recent notification issued by the Central Board of Direct Taxes, or CBDT, states that failing to link Aadhaar and PAN results in a punishment of up to Rs 1,000.
“Every person who, in accordance with the provisions of sub-section (2) of section 139AA, is required to intimate his Aadhaar number to the prescribed authority in the prescribed form and manner, fails to do so by the date referred to in the said sub-section, shall be liable to pay, by way of fee, an amount equal to — (a) five hundred rupees, in a case where such intimation is made on or after the date referred to in the said sub-section.
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PAN-Aadhaar not linked?
The initial step should be to link your Aadhaar and PAN as soon as possible. The service is still open, and not having a valid PAN can have a variety of implications, like not being able to file a tax return, having pending returns and refunds not completed, having tax deductions at a greater rate, and so on. Furthermore, because PAN is a key KYC criterion for all types of financial transactions, the taxpayer may have problems in a variety of other places, such as banks and other financial portals.
However, keep in mind that this isn’t the end of the story. Link PAN-Aadhaar within three months of now, that is, by June 30 this year, to save at least Rs 500.
How to link PAN-Aadhaar online
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- Go to www.incometax.gov.in to see the official Income Tax website.
- Select the ‘Link Aadhaar’ option from the ‘Quick Links’ section on the left side of your computer screen.
- A new window will appear. Fill in the slots on the new screen with your PAN number, Aadhaar data, name, and mobile number.
- After validating the information, select the ‘I accept to validate my Aadhaar details’ option. After that, choose the ‘Continue’ option.
- On your registered mobile number, you will receive a one-time password (OTP). Fill in the blanks on the screen, then click ‘Validate.’ After you pay the penalty, your PAN and Aadhaar will be linked.
