The Central Board of Direct Taxes (CBDT) has extended the last date for PAN-Aadhaar link to June 30, 2023.As per the press release of CBDT on 28th March 2023 “In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. Notification to this effect is being issued separately.”
Who needs to do PAN-Aadhaar link
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 w.e.f. 1st April, 2023. The date for intimating Aadhaar to the prescribed authority for the purpose of linking PAN and Aadhaar has now been extended to 30th June, 2023.
What happens to those who will fail to do PAN-Aadhaar link by June 30, 2023?
According to CBDT “From 1st July 2023, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative,”
What are the consequences if PAN become inoperative?
The consequences during the period that PAN remains inoperative will be as follows:
i) No refund will be made against such PANs
ii) Interest will not be payable on such refund for the period during which PAN remains inoperative
iii) TDS and TCS shall be deducted /collected at the higher rate, as provided in the Income-tax Act, 1961.
Click here to read the details Official Press release
How inoperative PAN can be operative again?
If PAN becomes inoperative, individuals need to pay a nominal penalty of Rs 1,000 to link it with Aadhaar.
As per CBDT Press release “The PAN can be made operative again in 30 days, upon intimation of Aadhaar to the prescribed authority after payment of fee of Rs.1,000.”
It is stated that more than 51 crore PAN-Aadhaar link has been done till date.
Who falls under the exempt category for PAN-Aadhaar linking?
The exempt category people need not link PAN-Aadhaar within 30th June 2023. The exempt category is as follows:
- Individuals residing in the states of Jammu and Kashmir, Assam and Meghalaya.
- A non-resident taxable person as per the Income-tax Act, 1961.
- People aged more than 80 years (Super Senior Citizens).
- Persons who are not citizens of India.
Those persons who have been exempted from PAN-Aadhaar linking will not be liable to the consequences mentioned above.
Read more :- How to do PAN AADHAR link your step by step guide
Conclusion
If you don’t belong to the exempted category do visit the official website and do your PAN-Aadhaar link before 30th June 2023 to avoid any further complications.
Go to the official website by clicking here
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