If you pay the penalty now and wait for your PAN to become operational again, you risk missing the deadline to file your ITR.
New Delhi: The government of India had specified that the deadline for linking a Permanent Account Number (PAN) with Aadhaar was June 30 of this year. If a person fails to do so, their PAN will become invalid on July 1, 2023. The individuals who have failed to link Aadhar with PAN by the end of the deadline will be unable to use their accounts to obtain certain services where the PAN number is required if the PAN becomes inoperative.
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What About ITR Filing?
Moreover, one of the repercussions of missing the deadline is that you may be unable to file your income tax return (ITR) before July 31, 2023. This is because the ITR deadline is less than a month away, and it takes up to 30 days for a PAN to become active again if it is currently inactive after the penalty is paid.
Penalty For Filing Late ITR
As a result, if you pay the penalty now and wait for your PAN to become operational again, you risk missing the deadline to file your ITR. As a result, if the ITR is filed beyond the deadline, i.e. July 31, 2023, it will be considered a belated ITR.
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Keep in mind that there is a late filing cost for filing a late ITR, so the penalty for filing a late ITR is Rs 5,000 (if total income exceeds Rs 5 lakh). As a result, if your PAN is no longer active, you may be charged a Rs 5,000 late filing fee and must file a late ITR. In addition, everybody who links their PAN and Aadhaar after the deadline would be charged Rs 1,000, so the total cost would come to Rs 6000, as per the Economic Times.
How to Pay the Penalty for Aadhaar-PAN Linking?
These steps be used to pay the penalty for associating a PAN with Aadhaar.
Step 1: Go to the National Securities Depository Limited (NSDL) website and log in to their account.
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Step 2: On the homepage, look for the “Link PAN with Aadhaar” option.
Step 3: Once the necessary information has been input, you can proceed by paying the sum under Challan No. ITNS 280 with Major head 0021 (Income Tax Other Than Companies) and Minor head 500 (Other Receipts).
