Aadhaar-PAN Linkage: It has become mandatory to link PAN card and Aadhaar card and now its deadline is just around the corner. After that you may have to pay penalty…
Both PAN card and Aadhaar card are very important documents in today’s time. The Income Tax Department has made it mandatory to link PAN card with Aadhaar, whose deadline is very close. Under the Income Tax Act 1961, it has become necessary to link PAN card with Aadhaar. If you do not do this till June 30, 2023, then after that your PAN will stop working.
Its deadline has been extended several times and currently the last date is June 30. After this the expectation of further extension of the deadline is almost zero. In such a situation, you should link PAN card with Aadhaar without delay, because after June 30 i.e. from July 1, you will have to pay penalty for this. If you have not done this work till the deadline, then you will have to pay Rs 1000 as penalty before requesting the linkage on the e-filing portal.
For this, a list of those banks has already been put on the e-filing portal, from where you can get the challan made to pay the penalty. You may have to bear many losses if you do not link PAN with Aadhaar. The Income Tax Department has clearly said that if this is not done till the deadline, the refund of the concerned taxpayer will be withheld.
This means that if you do not link PAN and Aadhaar, you will not be able to get income tax refund. Not only this but if you link later by paying penalty, then also you will be at a loss. On one hand you will pay penalty, on the other hand you will not get interest for the period for which PAN is inoperative. Another major disadvantage of not linking PAN with Aadhaar is that you will be charged more TCS and TDS.
