It is necessary for everyone to link Aadhaar with PAN card by March 31, 2023, otherwise it will be a big problem
It is necessary for everyone to link Aadhaar with PAN card by March 31, 2023, otherwise there can be big problems for everyone, if you want to avoid problems, then read this article carefully.
The Income Tax Department on Saturday issued an advisory that those PAN cards which are not linked with Aadhaar by the end of March next year will be deactivated. The Income Tax Department said in a public consultation, “Linking of PAN with Aadhaar is mandatory, it is necessary. Don’t delay, link it today!” As per the Income Tax Act, 1961, it is mandatory for all PAN holders, who do not fall in the exempted category, to link their PAN with Aadhaar before March 31, 2023. Unlinking PAN from Aadhaar will become inactive from 1 April 2023.
According to a notification issued by the Union Ministry of Finance in May 2017, individuals resident in the states of Assam, Jammu and Kashmir and Meghalaya, non-residents (as per the Income Tax Act, 1961), aged 80 years or more at any time during the previous year Those who have completed the age of 50 years and such persons who are not citizens of India will be exempted from this.
A circular issued by the Central Board of Direct Taxes (CBDT) on March 30 said that once the PAN becomes inoperative, a person would be liable for all consequences under the Income Tax Act and would face multiple implications.
Individuals will not be able to file income tax returns using an inoperative PAN. Pending returns will also not be processed, pending refunds will also not be issued due to inoperative PAN. Once the PAN is inoperative, pending proceedings in case of defective returns cannot be completed as well as income tax will be recovered from the taxpayer at a higher rate.
“Furthermore, the taxpayer may also face difficulty at various other places related to banks and other financial portals as PAN is one of the important KYC criteria for all types of financial transactions,” the circular said. CBDT formulates policy for the Income Tax Department. Aadhaar is issued by the Unique Identification Authority of India to a resident of India. Whereas, PAN is a 10-digit alphanumeric number allotted by the IT department to an individual, firm or institution.
Get your Aadhaar linked with PAN card as soon as possible because in the coming time, due to the income tax return file, the pressure will be on the institute.
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