You need to know about this change made to link PAN and Aadhaar. Now a charge of Rs 1,000 will have to be paid for PAN-Aadhaar linking. There is an option of Assessment Year (AY) while making payment here but the Income Tax Department has updated the option of AY here.

PAN-Aadhaar Linking Update

The Income Tax Department has changed the option of assessment year to link PAN Aadhaar. You have to select the assessment year 2024-25 to pay a fee of Rs 1,000 for late fee payment. Till now the last deadline was 31 March 2023, for which you were choosing assessment year 2023-24.

Many other services will be closed if PAN is not linked to Aadhaar by June 30.

1) No person will be able to file income tax return using an inoperative PAN.

2) Pending returns will not be processed. Pending returns will not be processed

3) Pending refund will not be issued if PAN is not operative.

4) After the PAN is deactivated, if there is any problem in the return, then the action cannot be completed.

5) Tax will be deducted at a higher rate if the PAN becomes inoperative.

According to the CBDT circular, if a person’s PAN becomes inoperative, it will be deemed that he has not given a Permanent Account Number (PAN). The CBDT also said that if PAN and Aadhaar are not linked, taxpayers may face problems at banks and other financial portals as many KYC-related operations will not be possible with PAN.

The post Pan-Aadhar Link: Before paying late fee of Rs 1,000 to link Pan-Aadhaar, check the new rule, otherwise there will be loss first appeared on Rightsofemployees.com.