PAN and Aadhaar card link last date: The Income Tax Department has fixed the last date to link the two cards as March 31, 2023, but the users will have to pay a penalty of Rs 1,000
From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses
Has provided a link on its website through which policyholders can get this exercise done
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The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the end of March next year will be rendered "inoperative". "What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory. "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 before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative," it said. The 'exempt category', according to a notification issued by the Union Finance Ministry in May 2017, are those individuals residing in the states of Assam, Jammu and Kashmir and Meghalaya; a non-resident as per the Income-tax Act, 1961; of the age of 80 years or more at any time during the previous year and a person not a citizen of India. A circular issued by the Central Board of Direct Taxes (CBDT) on March 30 said once a PAN becomes inoperative, an individual sha
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Restrictions on redemptions from such accounts is already in place since 2019
According to the registrar and transfer agent (RTA), the phone number and email ids can be the same only for those folios which are linked to the same PAN card.
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The taxpayers are required to fill out several forms, Form 26AS, Form 16, capital gains statement, and interest certificates, among others. In all the paperwork, some mistakes are bound to happen
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PAN will also be required for opening of current and cash credit account
CBDT said furnishing the PAN or Aadhaar will be mandatory for such high-value deposits or withdrawals from banks, or opening of a current account or cash credit account with a bank or post office
The fee will be Rs 500 for those who link their PAN with Aadhaar between April 1 and June 30, 2022