PAN-Aadhaar linking deadline: The last date for linking PAN with Aadhaar is 31 March 2022. That is, if you do not link your PAN card with Aadhaar till tomorrow, then you may have to pay a heavy fine. Yes..If for some reason you fail to link PAN with Aadhaar before 31st March and you link it after 1st April 2022, then in that case you will have to pay a penalty.
What is the rule?
According to a notification issued by the Central Board of Direct Taxes (CBDT) on March 29, 2022, a fee of Rs 500 will be charged for linking PAN-Aadhaar within three months after the deadline. This would mean that if the PAN-Aadhaar is linked between April 1, 2022 and June 30, 2022, the person will have to pay a fine of Rs 500 for linking it. If PAN-Aadhaar is linked after three months, a fine of Rs 1,000 will be levied.
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there was no law before
The rule to impose penalty for not linking PAN-Aadhaar by the due date (currently March 31, 2022) was introduced as an amendment in the Finance Act 2021. The Income Tax Act, 1961 was introduced to levy section 234H. If you do not link your PAN with Aadhaar after the due date, you will have to pay a penalty. Earlier, there was no law on penalty for not linking PAN-Aadhaar by the due date.
Apart from the fine, these problems also
Apart from levying penalty, if PAN is not linked with Aadhaar by the stipulated date, the PAN of a person will be deactivated. Once the PAN is deactivated, a person will not be able to do financial transactions, wherever the PAN details are. These include investments in mutual funds, stocks, fixed deposits, etc. Many financial institutions like banks, mutual funds, stockbrokers are sending emails to their customers reminding them to link PAN with Aadhaar.
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How to link PAN with Aadhaar
1- First of all go to the Income Tax website.
2- Click on the Aadhar link section.
3- Now enter your Aadhar Card Number, Pan Card Number and Name.
4- After this click on the option of Link Aadhaar. After completing this process, your Aadhaar PAN will be linked.