PAN Holders Alert: A big news has come for PAN card holders right after the budget. Information has been given by the Central Board of Direct Taxes (CBDT) that if the PAN holders do not follow the instructions given by the government till the 31st, then their business and tax related facilities will stop working.
Explain that out of total 61 crore Permanent Account Number (PAN), about 48 crore have been linked to Unique Identification Number Aadhaar so far. There are 13 crore people whose PAN-Aadhaar has not yet been linked. Now the government has rung the alarm bell for these people and has also fixed the last date for linking.
The chance is till 31 March
People who do not do this till March 31, will not be able to get benefits in business and tax related activities. Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta said that several crore PANs are yet to be linked with Aadhaar, but this work is expected to be completed by the March 31 deadline.
The government has made it mandatory to link PAN with Aadhaar. For this, setting a deadline of 31 March 2023, it has been said that individual PANs not linked to Aadhaar will be declared inactive after this date. Along with this, the government has said that from the present time till March 31, a fee of Rs 1,000 will have to be paid for linking PAN with Aadhaar.
Card will be deactivated if not linked
The CBDT chief said that several awareness campaigns have been conducted regarding linking of PAN with Aadhaar and we have extended this deadline several times. If PAN is not linked with Aadhaar by the due date, the holder will not be able to get tax benefits as his PAN itself will not be valid after March.
The CBDT, in a circular issued last year, has made it clear that once PAN becomes inoperative, the person concerned will face all the consequences prescribed under the Income Tax Act. This includes situations like non-filing of income tax returns and non-processing of pending returns.
Along with this, he said that the budget announcement of making PAN a common identifier will be beneficial for the business world. Finance Minister Nirmala Sitharaman has announced in the budget that PAN will now be used by business establishments as a common identifier in the digital systems of government agencies.