Non-linking of PAN-Aadhaar to attract heavy fine after March 31; details inside
New Delhi, March 30: If a person fails to link his or her Permanent Account Number (PAN) to Aadhaar by March 31, 2022, he or she would have to pay a penalty of Rs 500. According to a notification issued by the Central Board of Direct Taxes, this penalty will be doubled to Rs 1000 after three months (CBDT).
In a notification dated March 29, 2022, the Central Board of Direct Taxes (CBDT) stated that if Aadhaar is not linked during the next three months or by June 30, 2022, a late fee of Rs 500 will be charged. Following that, taxpayers will be required to pay a penalty of Rs 1,000.
PANs that are not linked to Aadhaar will become inoperative after March 31, 2022. According to a CBDT notification dated March 29, it can be restored after a penalty is paid.
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Every individual who has been given a PAN as of July 1, 2017, and is entitled to obtain an Aadhaar number is required to notify the prescribed authorities on or before March 31, 2022, under the provisions of the Income-tax Act, 1961. If anyone fails to do so, their PAN will become inactive, and all procedures requiring PAN would be halted. Following intimation of Aadhaar to the prescribed authority and payment of a prescribed fee, the PAN can be restored.
However, till March 31, 2023, assessees who have not informed their Aadhaar will be able to use their PAN for Act-related activities such as filing returns of income, processing refunds, and so on, according to the Finance Ministry.
"After 31st March 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," the ministry said.
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-PTC News
