PAN Aadhaar hyperlink: PAN card holders are suggested to hyperlink their Permanent Account Number (PAN) with their Aadhaar card quantity by thirty first March 2021. Failing to satisfy this Aadhaar PAN hyperlink final date will now result in late charge of ₹1,000. According to the lately inserted Section 234H of Income Tax Act, if a PAN card holders fails to seed one’s PAN with Aadhar card quantity on or earlier than the given deadline, shall be liable to pay as much as ₹1,000 late charge. The part was inserted in Budget Session 2021 by a Finance Bill.
As per the newly inserted Section 234H of the Income Tax Act, “Without prejudice to the provisions of this Act, where a person is required to intimate his Aadhaar number under sub-section (2) of section 139AA and such person fails to do so on or before such date, as may be prescribed, he shall be liable to pay such fee, as may be prescribed, not exceeding one thousand rupees, at the time of making intimation under sub-section (2) of section 139AA after the said date.”
Apart from ₹1,000 charge for PAN Aadhaar linking, there are numerous different financial losses {that a} PAN card holder cannot afford to overlook out. Failing to satisfy the deadline for Aadhaar PAN linking, one’s PAN card would grow to be invalid which means a person will not be capable to put money into mutual funds, shares, open a checking account, and so forth. the place furnishing one’s PAN card is should.
Under Section 272B of the Income Tax Act, if an individual furnishes an invalid PAN card, the Assessing Officer could direct that such particular person shall pay, by the use of penalty, a sum of ₹10,000. Also, an invalid PAN card holder will not be capable to recordsdata earnings tax return (ITR).
So, it is necessary for a PAN card holder to seed its PAN with its Aadhaar card quantity and keep away from any type of penalty after failing to satisfy PAN Aadhaar linking deadline.
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