You are required to link PAN Aadhaar by March 31, 2023, but have to pay a fine to avoid getting your PAN inoperative.
PAN-Aadhaar Linking: If you have an Aadhaar or a PAN card and still haven’t linked them, you need to link them on or before June 30. If you link after this date, you will need to pay a fine of Rs 1,000 as late fine for PAN Aadhaar linking. The Income Tax department under the central government has notified an extension in the task to link PAN-Aadhaar for citizens. You are required to link PAN Aadhaar by March 31, 2023, but have to pay a fine to avoid getting your PAN inoperative. Those who are linking their PAN-Aadhaar before June 30 will also have to pay a fine while completing this mandatory work.
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What is PAN-Aadhaar Linking Late Fine After June 30?
Till June 30, citizens who will link Aadhaar PAN will have to pay a late fee of Rs 500. “A penalty of Rs 500 is to be paid “in a case where such intimation is made within three months from the date referred to in sub-section,” said the Income Tax Department in a notification earlier this year.
What is PAN-Aadhaar Linking Late Fine After June 30?
After June 30, a late fee of Rs 1,000 is to be paid by those who are linking their Aadhaar PAN. One must note that this task has to be done before March 31 next year to avoid getting their PAN inoperative, which is crucial in several tasks like filing taxes.
What Happens if You Don’t Link PAN-Aadhaar by March 31, 2023?
If you do not link your PAN with Aadhaar after the expiry of the deadline, your PAN will become inoperative and you will face several consequences. An individual whose PAN is not linked with Aadhaar, will not be able to conduct any financial transaction using this document.
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It must be noted that quoting your PAN is necessary for many financial transactions, and thus if it becomes inoperative the transactions cannot be completed. For example, you will not be able to open a bank account and buy or sell properties if you have an inoperative PAN. An inoperative PAN will also lead to a number of consequences like not being able to file tax return, pending returns and refunds not being processed, tax deductions at a higher rate and many others. Furnishing an invalid PAN can also attract fines of Rs 10,000 as per law.
How to Link PAN-Aadhaar
There are many ways you can link PAN with Aadhaar. For one, you can do it online in two ways — without logging in to the income tax portal or by logging into your account. You have to enter your PAN and Aadhaar details to link them, along with other required details.
Apart from these methods, you can also link your Aadhaar card to your PAN card via SMS thanks to the Aadhaar issuing authority Unique Identification Authority of India’s (UIDAI’s) new updates. The linking process can be done by sending an SMS to either 567678 or 56161 from your registered phone number.
