PAN-Aadhaar linking and higher EPFO pension deadlines were extended in order to give citizens more time to complete the procedures. Failure to link PAN with Aadhaar will make your PAN inoperative. And, the higher EPFO pension facility is for those who want a higher pension after retirement.
PAN-Aadhaar Linking
The deadline for linking your PAN with Aadhar is June 30, 2023. Earlier, it was March 31. If PAN becomes inoperative, the income tax department will consider that the individual has not submitted PAN and therefore liable to face the consequences for the same.
“Where a person, whose permanent account number has become inoperative…, is required to furnish, intimate or quote his permanent account number under the Act, it shall be deemed that he has not furnished, intimated or quoted the permanent account number, as the case may be, in accordance with the provisions of the Act, and he shall be liable for all the consequences under the Act for not furnishing, intimating or quoting the permanent account number,” the CBDT mentioned earlier.
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PAN (Permanent Account Number) is a unique 10-digit alphanumeric identifier issued by the Income Tax Department. Aadhaar is a 12-digit unique identification number issued by the Unique Identification Authority of India (UIDAI). Linking PAN with Aadhaar is mandatory for taxpayers in India for several reasons.
Higher EPFO Pension
Retirement fund body EPFO also extended the date for filing applications to opt for a higher pension till June 26, 2023. Earlier, it was May 3. The deadline was extended to provide a larger window of opportunity and to enable all eligible persons to file their applications.
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Many representations have been received from various quarters seeking an extension of time, and this was decided after sympathetically considering the various demands received from employees, employers and their associations.
The Employees’ Provident Fund Organisation has made arrangements for obtaining applications for validation of option/joint option from pensioners/members as per the Supreme Court order on November 4, 2022.
