Aadhaar-PAN Link: From July 1, 2024, the penalty for linking PAN Aadhar has doubled. Till Jone 30, the PAN-Aadhar linking fine was Rs. 500/-, but from July 1 that amount has been increased to Rs 1000, as per the instructions of CBDT (Central Board of Direct Taxes). The top tax board has extended the deadline to link PAN-Aadhar to March 31, 2024, but such people have to pay the double fine of Rs 1000/- from today.
How to Pay PAN-Aadhaar Linking Fee on Income Tax Portal?
If one wants to link their PAN Aadhaar now, as mentioned above, they will have to pay the penalty of 1000 INR. This can be done through the NSDL portal by paying the amount under Challan No. ITNS 280.
Step by Step Process to Pay PAN Aadhaar Late Fees
- Visit the link https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp to do your Aadhaar PAN link
- Proceed with Challan No. ITNS 280 to submit PAN-Aadhaar link request
- Choose the tax applicable from there
- The payment has to be done under Major head 0021 (Income Tax Other than Companies) and Minor head 500 (Other Receipts) in a single challan
- One can pay through credit card/net banking
- Enter your PAN number, address, and assessment year
- Enter the Captcha correctly and then make the payment
What Happens if PAN-Aadhaar is Not Linked?
While the CBDT has extended the deadline to link PAN-Aadhaar, getting this work done is mandatory. If a person fails to link his/her Aadhaar to PAN by March 31, 2024, the PAN of that person may become inoperative, and all the consequences under the Income Tax Act, 1961 for not intimating/quoting, furnishing, the PAN shall apply to such individuals. After March 31, 2024, such individuals will not be able to conduct financial transactions which require disclosure of PAN, ITR (Income Tax Return), open a bank account, and/or invest in mutual funds.
