Be ready to pay fine if your Aadhaar & PAN are not linked
On Wednesday, the Finance Ministry said that non-linking of PAN with Aadhaar number by March 31, 2022, would attract a penalty of Rs.500 up to three months from April 1, 2022, and a fee of Rs.1,000 thereafter. Nevertheless, the non-linked PAN will remain operational till March 31, 2023.
However, till March 31, 2023, the PAN of the assesses who have not intimated their Aadhaar, will continue to be functional for the procedures under the Act, like furnishing of return of income, processing of refunds, etc.
Under the provisions of the Income Tax Act, 1961, it is mandatory to link PAN and Aadhar on or before March 31, 2022.
The Ministry issued a statement that said, “On failure to do so… PAN shall become inoperative and all procedures in which PAN is required shall be halted. The PAN can be made operative again upon intimation of Aadhaar to the prescribed authority after payment of a prescribed fee.”
It said, “In order to mitigate the inconvenience to the taxpayers, as per Notification No 17/2022 dated March 29, 2022, a window of opportunity has been provided to the taxpayers up to March 31, 2023, to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions.”
The statement further said, “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.”
[With Inputs from IANS]
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