Last Date to Link PAN to Aadhaar Card: The final date to hyperlink PAN card with Aadhaar card is today unless extended by the government. Last year, the government had extended the PAN Card-Aadhaar Card linking deadline till March 31, 2021. The final date to hyperlink PAN cards with Aadhaar cards has been extended quite a few occasions in the previous. Will the final date to hyperlink PAN with Aadhaar get extended once again? “The Government in the Finance Bill has incorporated a provision for levy of fine of Rs. 1000 where the intimation of Aadhaar details is made after the prescribed date, which is 31 March 2021. This could mean that the Government does not propose to extend the due date further,” says Saraswathi Kasturirangan, Partner, Deloitte India. If you nevertheless haven’t linked your PAN with Aadhaar, now is the final possibility to do so and preserve your PAN operative.
Linking of PAN to Aadhaar card indicates that if you hold a PAN card and are eligible to get an Aadhaar quantity or if you currently have Aadhaar quantity, then you are necessary to intimate it to the Income Tax division. If you fail to do PAN Aadhaar linking, your PAN will come to be ‘inoperative’ just after March 31, 2021.
As an employee, it is equally important for you to make sure that your PAN-Aadhaar hyperlink is completed. “From an employer perspective, if the PAN of an employee becomes inoperative, then as per there could be a requirement to withhold tax taxes at the higher rate of 20% or the average estimated tax rate for the financial year. Further, the employer could have a challenge in filing the quarterly tax withholding returns, since the employees PAN becomes in-operative. It is, therefore, important for employers to ensure that the employees PAN are duly linked with the Aadhaar,” says Kasturirangan.
There are some specified monetary transactions by the revenue tax division exactly where PAN is necessary to be quoted mandatorily. In such situations, the transactions could be carried out only when the PAN and Aadhaar are linked collectively. And these contain your investments in mutual funds or acquiring a credit card as well. “Where the PAN is not linked with Aadhaar, then the PAN ceases to be operative. From a practical perspective, it needs to be seen whether the Government would mandate that the agencies who are accepting the PAN need to verify the validity of the same before entering into the specified transaction where PAN is required to be quoted. Such specified transactions include payment to a Mutual Fund for purchase of units, payment to a company for acquiring debentures or bonds, application for issue of credit or debit card etc,” informs Kasturirangan.
One may well pay a visit to the revenue tax department’s e-filing web-site to hyperlink Aadhaar with PAN card. One may well use log-in credentials or one may well hyperlink Aadhaar and PAN even with no logging. The revenue tax division had currently produced it clear that for filing of revenue tax return (ITR), the linking of Aadhaar and PAN is mandatory unless especially exempted.
PAN and Aadhaar can also be linked by way of SMS to 567678 or 56161 by way of your registered mobile quantity. The format of the SMS is: UIDPAN<SPACE><12 Digit Aadhaar Number><SPACE><10 Digit PAN> For Example: UIDPAN 100023456789 XXYZ0123X.
While linking PAN-Aadhaar, to stay clear of any delay in linking, make sure your name, birth date and gender are the very same on each PAN as effectively as Aadhaar.