According to the new notification of the Government of India, Ministry of Finance and Department of Revenue, the last date for linking PAN with Aadhaar has been extended till 30 June 2023. It is very important for people to link PAN card with Aadhaar card. In such a situation, now the last date for linking PAN and Aadhaar with each other is 30 June 2023. However, while linking PAN with Aadhaar, people should also take care of one important thing.

The deadline to link Aadhaar and PAN card is now 30 June 2023. If you haven’t linked yours yet, you can still link PAN and Aadhaar but you will have to pay a fine of Rs 1000 for this. People who have PAN card but if they have not yet linked it with Aadhaar card, then such people can link PAN with Aadhaar by paying 1000 rupees.

PAN card update

If one does not link PAN with Aadhaar card by the stipulated date then the PAN card will become invalid. In this case, you can link PAN with Aadhaar card online by paying only Rs 1,000. To link PAN with Aadhaar card, you have to visit the official website https://www.incometax.gov.in/iec/foportal/ for filing income tax returns.

PAN Card-Aadhaar Card

After that you have to login there. If you do not have an account there, then you will have to create a new account using the PAN card. Note that the user ID for login will be your PAN number. Similarly, Aadhaar and PAN can also be linked through utiitsl.com or egov-nsdl.co.in government websites.

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When it comes to filing income tax returns, the first thing that comes to mind is whether to opt for the old income tax regime or go for the new one, especially after the government announced some new and exemptions in the budget 2023. is also given. Whether it is an investor or a trader, the choice of tax regime will depend on which income group one comes in and how one can get the benefit of exemption in the old system.

Income tax return

In the old tax system, first the benefit of standard deduction is given by the government. At the same time, in the budget 2023, it has been announced by the government to give the benefit of standard deduction in the new tax regime. After this order, taxpayers will get the benefit of standard deduction even after filing ITR with the new tax regime. Also, now the new tax regime will be the default tax regime.

Standard deduction

In the financial year, those who opt to remain in the new tax regime, will get the benefit of standard deduction of Rs 50,000 under section 16 (IA) of the Income Tax Act 1961. However, the benefit of standard deduction is not available to all. Standard deduction of Rs 50,000 is available only to those taxpayers who draw income from salary or who are in receipt of pension. In such a situation, people getting salary and people getting pension can take advantage of standard deduction of Rs 50,000 while filing income tax return.

Giving relief to salaried and pensioners, a standard deduction of Rs 50,000 was introduced by the Income Tax government, which can be claimed on salary and pension. Standard deduction is a flat deduction from gross salary, which means taxpayers do not have to file a separate application for claiming standard deduction. Also, no document is required to take advantage of it.

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