pan:  Link Your Pan With Aadhaar Today, Or Pay ₹500-₹1k Fine | Chennai News - Times of India

pan: Link Your Pan With Aadhaar Today, Or Pay ₹500-₹1k Fine | India Business News – Times of India

[ad_1]

CHENNAI: You will have to pay a penalty of Rs 500-1,000 if you do not link your Permanent Account Number (PAN) with Aadhaar by March 31. But your PAN will still remain functional till March 31, 2023.
The Central Board of Direct Taxes (CBDT) on Wednesday gave taxpayers a window up to March 31, 2023 to undertake the Aadhaar-PAN linking process without rendering the PAN invalid. But it decided to levy a penalty for missing the earlier deadline of March 31, 2022. According to its amendments to Section 234H of the Income Tax Act, an individual who does not link their PAN with Aadhaar by March 31, 2022 but completes it within three months — that is, by June 30, 2022 — will pay a penalty of Rs 500. If he is unable to do so even by June 30, the penalty would be doubled to Rs 1,000. The CBDT has, however, clarified that the non-linked PAN will continue to be functional till March 31, 2023 for all income tax procedures such as returns filing, processing of refunds, etc.
Experts said that an inoperative PAN can pose great hardships to individuals for several financial transactions, right from filing returns to opening or operating a demat accounts.



[ad_2]

Source link

Leave a Comment

Your email address will not be published.