The deadline for Aadhaar-PAN linking is here and you need to complete the process on Thursday in order to evade any kind of punitive action. According to the Income Tax Department, non-linking of Aadhaar with PAN by 31st March, 2022 would attract a penalty of up to Rs 1,000.
However, such a Permanent Account Number (PAN) will continue to work for one more year till March, 2023, for filing Income Tax Returns, claiming refunds and other I-T procedures.
PAN-AADHAAR LINK LAST DATE:
1) Centre had made it mandatory for taxpayers to link their Aadhaar with PAN with effect from July 1, 2017.
2) However, the apex decision making body on direct taxes, Central Board of Direct Taxes (CBDT) has prolonged the last day for linking Aadhaar with PAN several times in the last 5 years.
3) At last, the deadline has been fixed on March 31, 2022.
4) "However, till 31st March, 2023 the PAN of the assessees who have not intimated their Aadhaar, will continue to be functional for the procedures under the Act, like furnishing of return of income, processing of refunds etc," the CBDT said.
5) After 31st March, 2023, the PAN of taxpayers if not linked with Aadhaar, would become inoperative and all the consequences under the Act for not furnishing, intimating or quoting the PAN will be applicable to such taxpayers, the CBDT stated.
HOW TO LINK AADHAAR-PAN:
If you have not linked your Aadhaar card with PAN, you can do it so at https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar .
You need to enter details such as PAN, Aadhaar number, name as per Aadhaar, and mobile phone number.
Once these details are filled, please click on 'Link Aadhaar'.
AADHAAR-PAN LINK LATE FEE:
Taxpayers who will link their PAN with Aadhaar from April to June, would have to pay late fees of Rs 500. Beyond that, the late fees would increase to Rs 1,000, as per the circular issued by CBDT on Wednesday.
According to the data available, till January 24, 2022, over 43.34 crore PANs have been linked with Aadhaar. Over 131 crore Aadhaar cards have been issued thus far, according to news agency PTI.
PAN-Aadhaar linkage would help in eliminating fake PAN and curbing tax evasion.