The cutoff time for citizens to link their Permanent Account Number (PAN) with their Aadhaar has been extended to June 30, 2023, as per the Central Board of Direct Taxes (CBDT).
The Income Tax Department has fixed the last date to interface the two cards as March 31, 2023, but the users will have to pay a penalty of Rs 1,000
Prior, this was fixed on March 31, 2022, however, was subsequently broadened. Nonetheless, the users need to pay a fine of Rs 1,000 while linking the two cards. On the off chance that these are not linked by the last date, the PAN card will become inoperative or deactivated.
As per the Securities and Exchange Board of India (SEBI), users will not be able to start any exchanges in NSE or BSE on the off chance that their Pan card and Aadhaar card are not linked. Likewise, the Income Tax Department (I-T Dept) won't handle the IT returns in the event that the two cards of a citizen are not connected after March 31, 2023.
1. Visit the authority e-documenting gateway of the Income Tax Department.
2. Click on "Link Aadhaar Status" under the "Quick Links".
3. Enter the PAN and Aadhaar number and snap "View Link Aadhaar Status".
4. In the event that your Aadhaar and PAN are not connected, a pop-up menu on the screen will show "PAN not connected with Aadhaar. Then you need to, click on the "Link Aadhaar" link to interface your Aadhaar with your PAN."
5. On the off chance that the cards are connected, the message will say, "Your Aadhaar is connected with PAN".
1. Visit the Income Tax e-Filing portal gateway.
2. Click on the "Link Aadhaar" choice.
3. Enter your PAN, Aadhaar number, and name according to Aadhaar in the important fields.
4. Confirm the subtleties and submit.
5. Upon fruitful linking, an affirmation message will be shown on the screen, and an OTP will be shipped off your enlisted mobile number.
The fundamental purpose for making the linking of PAN cards and Aadhaar cards mandatory was to decrease the duplication of PAN cards. Numerous PAN cards are given to a similar individual leading to errors in working out and gathering charge. It additionally makes it hard for specialists to follow tax avoidance.
The obligatory connecting of the two cards is supposed to further develop consistency and decrease tax avoidance in India.
Indian residents with a period of over 80 are not required to connect the two cards. Likewise, non-citizens and non-residents are not expected to connect PAN and Aadhaar cards.
If your Aadhaar card and PAN card are not linked, you may end up paying TDS of 20 percent on the purchase of property instead of 1 percent.
Buyers of properties exceeding Rs 50 lakh can have a tax challenge if their Aadhaar-PAN card is not linked. The normal 1% TDS on property buys can increase to 20% due to this linkage gap. The Income Tax Department has sent notices to such buyers post-deadline. Sellers with unlinked PAN cards see their PAN cards become inactive, pushing buyers into TDS trouble. For new applicants of PAN cards, the Aadhaar PAN linking is done automatically during the application stage. For existing PAN holders, who were allotted PAN before 2017 it is mandatory to link PAN with Aadhaar.
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