NEW DELHI : In order to supply some extra time to the taxpayers, the date for linking PAN and Aadhaar has been prolonged to 30 June, 2023, whereby individuals can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking with out going through repercussions.
Under the provisions of the Income-tax Act, 1961, each one that has been allotted a PAN as on 1 July, 2017 and is eligible to acquire Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or earlier than 31 March, 2023, on cost of a prescribed payment. Failure to take action attracts sure repercussions beneath the Act from 1 April, 2023.
With the date for intimating Aadhaar to the prescribed authority for the aim of linking PAN and Aadhaar now being prolonged, extra time will probably be accessible for the taxpayers to conform.
From 1 July, 2023, the PAN of taxpayers who’ve did not intimate their Aadhaar, as required, shall turn out to be inoperative and no refund shall be made in opposition to such PANs. Also, curiosity won’t be payable on such refund for the interval throughout which PAN stays inoperative.
Moreover, non compliance may also entice greater tax deducted at supply (TDS) and tax collected at supply (TCS).
A finance ministry launch stated that such inoperative PAN might be made operational once more in 30 days, upon intimation of Aadhaar to the prescribed authority after cost of payment of ₹1,000.
Those individuals who’ve been exempted from PAN-Aadhaar linking won’t be liable to the implications talked about above, a ministry assertion stated.
This class contains these residing in specified States, a non-resident as per the Act, a person who will not be a citizen of India or people of the age of eighty years or extra at any time throughout the earlier 12 months.
It is said that greater than 51 crore PANs have already been linked with Aadhaar until date.
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