The last date for linking PAN and Aadhaar card (PAN-Aadhaar Card Linking) by the Income Tax Department has already passed on July 31. Taxpayers whose PAN has become inactive can no longer use it until it is updated by paying a fine. But a big update has come from the Income Tax Department for NRIs.

NRIs will get the way of address proof

The Income Tax Department on Tuesday said non-resident Indians (NRIs) and foreign nationals whose PAN (Permanent Account Number) has been deactivated due to non-linking with Aadhaar, will have to submit their residential address to the concerned assessing officer for its revival. Proof should be submitted. The department said that some Overseas Indians/Overseas Citizens of Indian Origin (OCI) have raised concerns regarding their PAN becoming inoperative.

Dear Taxpayers,

Concerns have been raised by certain NRIs/ OCIs regarding their PANs becoming inoperative, although they are exempted from linking their PAN with Aadhaar.
Further, PAN holders, whose PANs have been rendered inoperative due to non-linking of PAN with Aadhaar,…

— Income Tax India (@IncomeTaxIndia) July 18, 2023

The Income Tax Department has written on Twitter that residential status is determined with reference to NRIs who have filed ITR in any of the last three assessment years or have informed the concerned Assessing Officer (JAO) about their residential status. Is. According to the department, PANs become inoperative in cases where the NRI has not updated his residential status or filed returns in the last three assessment years.

“NRIs whose PANs are inoperative are requested to submit relevant documents to their respective Assessing Officers with a request to update their residential status in the PAN related information,” the Income Tax Department said.

The post Big update on Inactive PAN ! Will be activated by updating the address proof, but only these people got exemption first appeared on Rightsofemployees.com.

Please tell that currently you can link Aadhaar-PAN card by paying a fine of Rs 1000. Now, if you do not link till the new deadline of June 30, your PAN card may become inactive. After this, you may have to pay a fine of up to Rs 10,000 for linking. Explain that under Section 272B of the Income Tax Act, there is a provision of a fine of Rs 10,000. Let us know for whom the linking of Aadhaar and PAN card is necessary.

As per Section 139AA of the Income Tax Act, linking becomes necessary for every user who has been issued a PAN card by July 1, 2017 and also has an Aadhaar card. However, this linking is not necessary for the residents of Assam, Jammu & Kashmir and Meghalaya. Moreover, as per the Income Tax Act, 1961, even a non-resident is not bound to get Aadhaar-PAN card linked.

Linking is also not necessary for those who are 80 years or more or are not citizens of India till the last year. According to the Income Tax Department, those who fall under one of the above categories and want to voluntarily link their Aadhaar with PAN will have to pay a fine.

What will be the effect

If you do not get the linking of Aadhaar and PAN card done till the deadline, then there may be many problems. If your PAN card becomes inactive then there will be a problem in filing income tax return. At the same time, tax refund will also get stuck. Similarly, the work of other finance will also be affected. If the PAN is inactive, there may be difficulties in opening a bank account. Apart from this, there can be problems in investing in mutual funds and stocks.

The post Big relief for these people! ₹ 10,000 fine after this date for not linking PAN-Aadhaar first appeared on Rightsofemployees.com.