Pan Aadhaar Link New Update: The Income Tax Department has given relief to those who could not link PAN to Aadhaar despite depositing the penalty on June 30, 2023, the last date for linking PAN Aadhaar.
The Income Tax Department has given relief to those who could not link PAN with Aadhaar despite depositing the penalty on June 30, 2023, the last date for linking PAN Aadhaar. Income Tax Department has issued clarification on PAN-Aadhaar linking. Individuals who have paid fine and obtained consent to link PAN with Aadhaar, but have not been linked by 30 June 2023, will be considered by the Income Tax Department, according to a tweet by the Income Tax Department. .
Income Tax Department said that PAN holders please take note! There have been cases where PAN holders have faced difficulty in downloading the challan after paying the fee for Aadhaar-PAN linking. In this regard, it is informed that the status of challan payment can be checked in the ‘e-pay tax’ tab of the portal after login. If the payment is successful, the PAN holder can proceed to link PAN with Aadhaar. There is no need to download the challan receipt for linking PAN with Aadhaar. Further, as soon as the PAN holder completes the payment successfully, an email with an attached copy of the challan is already being sent to the PAN holder.
Income tax department will consider penalty depositors
The Income Tax Department said that in cases where consent for fee payment and linking has been received, but linking has not been done by June 30, 2023, such cases will be duly considered by the department.
The law to link PAN with Aadhaar is applicable from 2017
The Income Tax law to link PAN with Aadhaar came into force from 1 July 2017. Since then the deadline for linking PAN with Aadhaar has been extended several times. Apart from this, in Budget 2021, the government had added section 234H to impose penalty for linking PAN with Aadhaar after the deadline. There was no penalty amount for linking it till 31 March 2022. A fine of Rs 500 was to be imposed for linking PAN with Aadhaar between April 1, 2022 and June 2022. If PAN is linked with Aadhaar on or after July 1, 2022, then a penalty of Rs 1,000 has been implemented for linking PAN with Aadhaar.
What if PAN is not linked
The Income Tax Department has said that keep in mind that if PAN is not linked to Aadhaar by June 30, 2023, then PAN will become inactive. Once the PAN becomes inoperative, there is no income tax refund. Higher TDS and TCS is applicable on income and expenditure. Users will not be able to invest in bank FDs, mutual fund schemes etc. and will face difficulties in buying and selling property as well as bank transactions and account opening.