PAN-Aadhaar Linking: The Income Tax Department has said non-linking of PAN cards with Aadhaar by 31st March would attract a penalty of up to 1000 INR, but such PAN will remain functional for one more year till March 2024, for filing ITR.
- As per the circular issued by CBDT, PAN, not linked to Aadhaar, would become inoperative after 31st March 2024
- Beginning 1st April, a late fine of Rs. 500 will be levied if PAN linking with Aadhaar is done within the first three months and thereafter Rs 1000 fees will be levied
- CBDT has restricted the penalty only to late fees and clarified that the PAN will continue to be operative and all transactions that mandate PAN will not be affected
- In order to mitigate the inconvenience to taxpayers, a window of opportunity has been provided to taxpayers up to 31st March 2024 to do Aadhaar-PAN linking without facing repercussions
- After 31st March 2024, the PAN of taxpayers who fail to link their Aadhaar shall become inoperative
- The CBDT (Central Board of Direct Taxes) has extended the deadline for linking PAN (Permanent Account Number) with Aadhaar many times and now the last date is 31st March 2024
- As per the data records, more than 43.34 crore PANs have been linked with Aadhaar till 24th January 2024
- PAN-Aadhaar linkage would help in eliminating duplicate PAN and stops tax evasion
- Once your PAN becomes inactive, the person will be restricted to do financial transactions
- Taxpayers can link their PAN and Aadhaar and can check the status of linking also by visiting the income tax portal
