To give taxpayers extra time, Center has extended the time limit for linking Permanent Account Number (PAN) and Aadhaar by way of 3 months to June 30. Previously, the ministry of finance’s division of earnings issued a notification requiring other folks to hyperlink their Aadhaar card to their PAN on-line for a rate of Rs. 1000 by way of March 31, or their PAN will change into inoperative.
“Under the provisions of the Income-tax Act, 1961(the ‘Act’) every person who has been allotted a PAN as on 1st July, 2017 and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before 31st March, 2023, on payment of a prescribed fee. Failure to do so shall attract certain repercussions under the Act wef 1st April, 2023. has now been extended to 30th June, 2023,” a observation from the finance ministry learn.
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What occurs should you fail to fulfill the PAN-Aadhaar linking time limit?
The PAN of taxpayers who’ve didn’t hyperlink their Aadhaar as required will change into inoperative on July 1, 2023. When the PAN card is inoperative:
1) No refunds will likely be issued in opposition to such PANs.
2) No pastime will be payable on such refund right through the time wherein the PAN is inoperative; and
3) TDS and TCS will be deducted/accrued at a better charge, as specified within the Act.
The PAN will also be made operational once more in 30 days, upon intimation of Aadhaar to the prescribed authority after fee of rate of Rs.1,000, the observation added.
Aadhaar-PAN linking was once loose earlier than March 31, 2022. Since April 1 final 12 months, a rate of 500 was once imposed and was once later higher to 1,000 from July 1.