Aadhaar-PAN linking deadline: The deadline for linking Aadhaar and PAN is near again. The Central Board of Direct Taxes (CBDT) had extended it in order to provide taxpayers more time.
Deadline to link PAN-Aadhaar
As per the Income Tax rule, it is mandatory to link PAN and Aadhaar. Individuals who have not linked their PAN and Aadhaar till now can do so by paying a large fee of ₹1000 till June 30.
“PAN Aadhaar linking. Kind attention PAN holders! As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar on or before 30.06.2023. Please link your PAN & Aadhaar today!,” income tax department tweeted.
As per income tax rules, no person can obtain more than one PAN. A penalty of ₹10,000 can be levied if an individual has more than one PAN
Who needs to link Aadhaar and PAN?
Section 139AA of the Income Tax Act provides that every individual who has been allotted a permanent account number (PAN) as of the 1st day of July, 2017, and who is eligible to obtain an Aadhaar number, shall intimate his Aadhaar number in the prescribed form and manner. In other words, such persons have to mandatorily link their Aadhaar and PAN by 30 June 2023 with the prescribed fee payment.
What will happen if you fail to link your with yourAadhaar
1)Your PAN will become inoperative
2)Pending tax refunds and interest on such refunds will not be issued.
3)TDS will be required to be deducted at a higher rate.
4)TCS will be required to be collected at a higher rate .
Steps to link PAN-Aadhaar
-Go to https://www.incometax.gov.in/iec/foportal
-Login
-On the Dashboard, in Profile Section under the Link Aadhar to PAN option, click Link Aadhar.
-Enter your PAN and Aadhar Number.
-Enter your PAN, and confirm your PAN and mobile number to receive OTP.
-Post OTP verification, you will be redirected to the e-Pay Tax page.
-Click on Proceed on the Income Tax Tile.
-Select AY as 2024-25 and the type of Payment as Other Receipts (500) and click Continue.
-The applicable amount will be pre-filled against Others.
Those who have not linked their PAN with Aadhaar should complete the process as soon as possible, and not wait until June 30.
Updated: 14 Jun 2023, 12:15 PM IST