Pan-Aadhaar Linking Latest Updates: Even though the deadline for linking PAN with Aadhaar has been extended, it will become inactive if not linked within the new deadline of March 31, 2023. Once the Permanent Account Number (PAN) is deactivated, you are not able to get some major government services. The issue of linking PAN with Aadhaar by the government began after the Income Tax Department came to the notice of the Income Tax Department that multiple Permanent Account Numbers (PANs) have been allotted to one person or one PAN has been allotted to more than one person.
The Finance Ministry, in a statement last week, said that till March 31, 2023, the PAN of assessees, who have not reported their Aadhaar, will continue to function for processes under the Act, such as furnishing of return of income, processing do refund, etc. ,
The Finance Ministry on March 30 had said, “After March 31, 2023, PAN of taxpayers who fail to report their Aadhaar as required, will become inoperative and not furnished under the Act (Income Tax Act, 1961). Doing so will have all the consequences. , notifying or quoting PAN shall be applicable to such taxpayers.”
These services will be done if PAN is not linked with Aadhaar:
- People will not be able to file their income tax return using inactive PAN.
- Also, the pending ITR will not be processed.
- Pending refund also cannot be issued to inoperative PAN.
- Pending proceedings cannot be completed in case of defective returns.
- Income tax will be deducted at higher rate on deactivation of PAN
- Penalty will be imposed for not linking PAN with Aadhaar
Central Board of Direct Taxes (CBDT) In a notification last week, the RBI said that those who have not linked their Aadhaar and PAN numbers till now, will have to pay a fine of Rs 500 within three months and Rs 1,000 for doing so. , However, even if it is not linked with Aadhaar, PAN will continue to be operational for the time being.