From 1st April 2023, you will not be able to use your PAN if it is not linked to your Aadhaar and there will be several other consequences too. While most of the PAN holders in the country have already linked to Aadhaar, some are yet to do that.
Read More:Gold Price Today: 14 January 2023 – Check rates in your city
“As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative,” the Income Tax Department tweeted recently.
Read More: Budget 2023: PM Kisan Samman Nidhi scheme financial aid to be raised to Rs 8,000, say sources
Through a notification dated 11th May 2017, the Central Board of Direct Taxes (CBDT) requested PAN holders to link their PAN with their Aadhaar. The deadline for PAN-Aadhaar linking has been extended several times in past. The latest due date for PAN-Aadhaar linking was March 31, 2022
Read More:Union Budget 2023: What banks are expecting from this year’s budgeta
nyone who failed to link PAN-Aadhaar by 31st March 2022 can still do so by paying a fee of Rs 1000 under Section 234H, according to the Income Tax Department. Till 30th June 2022, the late fee for PAN-Aadhaar linking was Rs 500.
Read More: Davos 2023: Why WEF is batting for investment in agri, education, green jobs
“As per CBDT circular F. No. 370142/14/22-TPL dated on 30th March 2022, every person who has been allotted a PAN as on 1st July 2017 and is eligible to obtain Aadhaar number is required to link PAN with AADHAAR on or before 31st March, 2022. Taxpayers who failed to do so are liable to pay a fee of Rs. 500 till 30th June, 2022 and thereafter a fee of Rs. 1000 will be applicable before submission of PAN-AADHAAR linkage request,” the Income Tax Department says on its website.
Read More: Budget 2023: PM Kisan Samman Nidhi scheme financial aid to be raised to Rs 8,000, say sources
You can still link your PAN with a valid Aadhaar after paying a fee of Rs 1000. However, this facility will be available only till March 31, 2023, failing which your PAN will become inoperative.
Frequently Asked Questions (FAQs)
When will PAN become inoperative?
PAN will become inoperative from 1st April 2023 if it is not linked to Aadhaar.
Can I still link my PAN with my Aadhaar?
Yes. You can still link your PAN with a valid Aadhaar by paying a fee of Rs 1000. This facility will be available only till 31st March 2023.
What is the last date of PAN-Aadhaar linking by paying Rs 1000 fine?
31st March 2023 is the last date for linking PAN-Aadhaar by paying a fee of Rs 1000.
How to pay the Rs 1000 fine
You can make the payment for PAN-Aadhaar linking through the e-Pay Tax functionality enabled on the e-filing portal.
Where to link PAN-Aadhaar?
You can link your PAN with a valid Aadhaar number by visiting the Income tax website – http://www.incometax.gov.in.
Why PAN-Aadhaar linking is important?
If your PAN becomes inoperative, you will become liable for all the consequences for not furnishing/intimating/quoting PAN in all transactions where you are required to provide PAN.
When will the consequences of inoperative PAN come into effect?
As per CBDT, all the consequences of PAN becoming inoperative will come into force from April 1, 2023.
