PAN-Aadhaar link: The Finance Ministry extended the deadline for PAN-Aadhaar linking by three months from March 31 to June 30 earlier this week. All unlinked PAN cards will be inoperative after July 1, as a result of not linking PAN and Aadhaar cards. The Finance Ministry s release read, Failure to do so will have certain repercussions under the Act w.e. The date for intimating Aadhaar to the prescribed authority for the purpose of linking PAN and Aadhaar has been extended to 30 June 2023. The PAN card can be made operative in 30 days after payment of Rs 1,000 as a fee. This is done to make tax payment system seamless and avoid tax evasion.
During the period PAN is not in effect, taxpayers won't get the following benefits:
No refund will be made against such cards.
Interest shall not be payable on such refunds.
TDS and TCS will be deducted at a higher rate.
Go to the Income Tax e-Filing portal.
You will be redirected to the e-Pay tax page.
If you miss the deadline, you need to pay a fee to connect your Aadhaar and PAN cards. Here is how you can pay the fee to link Aadhaar and PAN cards.
The amount will be pre-filled against others.
In case payment has not been made, ITNS 280 has to be done.
0021 as the tax application and Rs 500 as a type of payment - select 0021 as the tax application and Rs 500 as a type of payment.
Fill in the details and pay the amount using net banking, UPI or credit debit cards - Fill in the details and pay the amount.
The steps that taxpayers need to follow are the ones that the taxpayers need to follow:
If an Aadhaar number appears, it means that PAN-Aadhaar cards are linked to each other.
Who is exempt from PAN-Aadhaar linking?
Non-resident Indians NRIs are individuals who are not Indian citizens, senior citizens aged over 80 years, and residents of Jammu Kashmir, Assam and Meghalaya are exempt from linking both the cards.
Taxpayers can do multiple things if their PAN and Aadhaar cards are not linked. Here are some of those things:
Cannot open any other bank account besides a basic Savings Account - Cannot open any other bank account besides a basic Savings Account.
Cannot buy any immovable property worth more than 10 lakhs?
Cannot invest in company bonds, bonds and debentures if you have no interest in them.
Cannot deposit more than 50,000 a day in public or private bank if you have more than one lakh a day in it.
Cannot make foreign cash payments of more than 50,000 at a time.