Earlier its deadline was ending on March 31, 2023. Now in today’s latest update, this deadline (aadhaar pan linking deadline) has been increased to June 30, 2023. However, the condition of penalty is applicable for this period also. You will have to pay a fine of Rs 1,000 for linking PAN-Aadhaar. But there are some people in the country who do not need to link PAN-Aadhaar card at all. Whether the deadline increases or not, they should not worry at all.

Who does not need to link PAN-Aadhaar card

According to section 139AA of the Income Tax Act, every person in the country who was allotted a Permanent Account Number i.e. PAN on July 1, 2017 and who is also eligible to get an Aadhaar number, is required to link Aadhaar card with PAN card. Will give information about Aadhaar number. In other words, such persons will have to mandatorily link their Aadhaar and PAN with late fee payment by 30.06.2023. But there are some people who are exempted from this requirement.

Aadhaar-PAN linking is not required for those who:

live in Assam, Jammu and Kashmir and Meghalaya;
is a non-resident as per the Income Tax Act, 1961;
has been of the age of eighty years or more at any time during the previous year; or
are not citizens of India.

What will happen if Aadhaar is not linked?

According to the Income Tax Act, 1961, those PAN cardholders who do not come under the exemption category, if they do not link their PAN with Aadhaar by June 30, 2023, their PAN card will become inactive from April 1, 2023.

(i) He will not be able to file ITR using his inactive PAN.

(ii) Pending returns cannot be processed.

(iii) Refunds which are also pending will not be issued on this PAN. Pending processing cannot be completed once the PAN becomes inactive.

(iv) If PAN has become inactive then tax will also be deducted at higher rate.

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In such a situation, many of your works can stop without PAN card. If you have not yet linked PAN and Aadhaar, then you may have to face a big problem. Actually, the deadline for linking PAN and Aadhaar has come closer (Pan Aadhaar Linking Deadline). In such a situation, the question is arising in the mind of the taxpayers whether CBDT can extend this deadline this time also. Let us know the answer to this important question-

Will the deadline for PAN Aadhaar linking be extended?

It is noteworthy that the Central Board of Direct Taxes (CBDT) has extended the deadline for the link of PAN Card and Aadhaar Card several times in the past as well. In such a situation, now CBDT will not extend this deadline. If you do not link PAN and Aadhaar by March 31, your PAN will be deactivated from April 1, 2023.

According to the report published in Financial Express, senior officials of CBDT had made it clear that now the government has no intention of extending the linking deadline of PAN and Aadhaar.

Why is it necessary to link PAN-Aadhaar?

PAN and Aadhaar is an important part of KYC. The government has made it mandatory to link PAN with Aadhaar (PAN Aadhaar Link) because this will prevent the use of fake PAN cards. There have been cases when a person has more than one PAN card. In such a situation, the government has taken this step to stop such cases.

If your PAN card is deactivated, then in such a situation you will not be able to file income tax return. Along with this, you will have to face difficulties in investing in the stock market and investing in mutual funds as well.

For whom it is not necessary to link PAN Aadhaar

According to the notification issued by the Union Ministry of Finance in May 2017, some people of the country have been exempted from linking PAN Aadhaar. This includes the people of Assam, Meghalaya and the Union Territory of Jammu and Kashmir. Along with this, it is not necessary to link PAN Aadhaar in case of a person who is 80 years or more and is not a citizen of India.

The post PAN-Aadhaar Link: Big news! Aadhaar PAN linking deadline will be extended after March 31, know details first appeared on Rightsofemployees.com.