PAN-Aadhaar linking: From Rs. 500 fine to process- Here’s all you need to know

    A penalty of Rs. 500 will be charged on linking PAN with Aadhaar till June 30 and will increase to Rs. 1000 after that. Here is how you can link the documents online.

    The central government has recently extended the last date to link your Permanent Account Number (PAN) with Aadhaar to March 31, 2023, however, there is something important to note. You need to link these two documents in order to avoid facing penalties. This is not the first time when the government has extended the deadline of linking PAN with Aadhaar. Since 2017, it has been motivating people to do so. With effect from April 1, 2017, it has become mandatory for a taxpayer to quote his/her Aadhaar in the application form for PAN and return of income.

    The Central Board of Direct Taxes (CBDT) has announced a host of penalties which you may have to face in case you fail to link your PAN with Aadhaar. The department on March 30, introduced a sub-section (2) under section 139AA directing that a fine of Rs. 500 will be levied on linking the documents till June 30, 2022. However, if you still fail to do so, after June 30 the fine will increase to Rs. 1000 in all other cases.

    It can be noted that after March 31, 2023, the PAN of taxpayers who fail to intimate their Aadhaar, as required, shall become inoperative and all the consequences under the Act for not furnishing, intimating or quoting the PAN shall apply to such taxpayers. The consequences include not being able to file return using the inoperative PAN; pending refunds cannot be issued to inoperative PANs, among others. Here is how you can link your PAN with Aadhaar:

    Trending Articles

    Related Tech Stories