Have you linked your PAN and Aadhaar? If not, the government has extended the last date to link the same to June 30, 2023. "In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. Notification to this effect is being issued separately," Ministry of Finance said in a release.
As per the information, under the provisions of the Income-tax Act, 1961(the ‘Act') every person who has been allotted a PAN as on July, 1, 2017 and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before March 31, 2023, on payment of a prescribed fee. Failure to do so will attract certain repercussions under the Act with effect from April 1, 2023. The date for intimating Aadhaar to the prescribed authority for the purpose of linking PAN and Aadhaar has now been extended to June 30, 2023.
From July 1, 2023, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative and the consequences during the period that PAN remains inoperative will be as follows:
1. No refund will be made against such PANs;
2. Interest shall not be payable on such refund for the period during which PAN remains inoperative; and
3. TDS and TCS shall be deducted /collected at a higher rate, as provided in the Act.
Notably, the PAN can be made operative again in 30 days, upon intimation of Aadhaar to the prescribed authority after payment of fee of Rs. 1000. Also, people who have been exempted from PAN-Aadhaar linking like those residing in specified States, a non-resident as per the Act, an
Read more on tech.hindustantimes.com