PAN- Aadhaar Linking: If you have not yet linked your Permanent Account Number (PAN) with Aadhar Card, then this news can come in handy for you. Let us tell you that the deadline for linking PAN with Aadhaar has been extended till March next year. However, in the meantime you will have to pay a penalty for getting the PAN Aadhaar linking done. According to the Income Tax Department, for not linking PAN with Aadhaar for the first three months of the current financial year, you will have to pay a fine of ₹500 and later this penalty will increase to ₹1,000.
Will be able to give information till March 31, 2023
As per the notification issued by the CBDT on March 29, 2022, an opportunity is being given to the taxpayers for relief. They will be able to submit their Aadhaar details for Aadhaar-PAN linking to the concerned authority by March 31, 2023. Along with such intimation, they will also have to pay a late fee.
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The CBDT said in a statement that on March 31, 2023, the PAN of the taxpayers who have not furnished Aadhaar details will continue to file income tax returns, get refund under the Act. But after March 31, 2023, the PAN of these taxpayers will become inactive.
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Why is it necessary to link PAN with Aadhaar?
According to the latest data, more than 43.34 crore PANs have been linked with Aadhaar till January 24, 2022. PAN-Aadhaar linkage will help in eliminating duplicate PAN and check tax evasion.