CBDT had issued this information in a circular on August 5, 2024. The department has taken this step after receiving many complaints from taxpayers.

Taxpayers had said in the complaint that the department had given time till May 31, 2024 to link PAN-Aadhaar. If the taxpayer dies before this, then his TDS is deducted at higher rates, the department should give exemption in this. Keeping in mind this appeal of the taxpayers, CBDT has announced a change in the rules. Let us tell you that if the PAN of the deductor i.e. the person whose tax has been deducted is not linked to Aadhaar, then tax is deducted at a higher rate. Whereas this can be avoided by PAN-Aadhaar linking.

Also Read: Home Loan Tips: Don’t forget to take these two documents after closing the home loan.

The date for linking PAN-Aadhaar was extended

Earlier, CBDT had issued a circular informing about the extension of the deadline for linking PAN-Aadhaar. In which the date for linking PAN and Aadhaar for transactions made till March 31, 2024 was extended to 31.05.2024. By doing this, taxpayers can avoid high TDS / TCS. The department has uploaded the complete details about this on the official website www.incometaxindia.gov.in, which you can download and see.

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According to the notification, those who have not submitted Aadhaar and PAN while opening the account, it is mandatory for them to do this by 30 September 2023. However, if documents are given then they will not have to be submitted.

Who is required to submit PAN and Aadhaar?

According to the new notification, if the depositor of Small Saving Schemes has opened an account and has not submitted Aadhaar, PAN documents, then it will be mandatory for him to submit these documents by 30th September.

Who is not required to give Aadhaar PAN

According to the website of Canara Bank, PAN has been made mandatory for new users investing in Small Savings Scheme from April 1. This means that if you have opened an account after April 1, 2023, then it is not mandatory for you to submit Aadhaar and PAN by September 30.

What will happen if not linked?

If Aadhaar and PAN are not linked to the account, the account may be suspended till 30 September 2023 until PAN and Aadhaar are deposited in the branch. Account suspension means you will not be able to transact money.

It is noteworthy that the post office schemes include FD, RD, Post Office Monthly Income Scheme, Sukanya Samriddhi Yojana, TD, Mahila Samman Savings Certificate, PPF, Senior Citizen Savings Scheme and Kisan Vikas Patra (KVP).

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Citizens of the country can now link Aadhaar card with PAN card by 30 June 2023. Till now the date for linking Aadhaar with PAN was 31 March 2023, although now it has been increased to 30 June. The last date for linking PAN with Aadhaar through the Central Board of Direct Taxes (CBDT) has been extended several times in the past.

The Income Tax Department has asked many times about linking PAN with Aadhaar card. Income Tax Department says the last date to link your PAN and Aadhaar is coming soon! As per the IT Act, 1961, it is mandatory for all PAN holders, who do not fall in the exempted category, to link their PAN with Aadhaar, else the unlinked PAN will become inactive.

In order to provide some more time to the taxpayers, the date for linking PAN & Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for PAN-Aadhaar linking without facing repercussions.
(1/2) pic.twitter.com/EE9VEamJKh

— Income Tax India (@IncomeTaxIndia) March 28, 2023

Linking PAN with Aadhaar was free before March 31, 2022 and thereafter it was Rs 500 between April 1, 2022 and June 30, 2022. Although now Aadhaar PAN can be linked till March 31, 2023 by paying a fine of Rs 1000, but now this date has increased to June 30, 2023. If you fail to do so, your PAN will become inoperative. The process of linking Aadhaar with PAN is straightforward and you can do it online from the comfort of your home.

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Pan Card and Aadhaar Card Link: PAN and Aadhaar card are two such documents which are very important. They are used for many government works, to prove their identity and to apply in government schemes. Aadhar card is necessary for some places, then PAN card has more role for banking related works. The government had made it mandatory to link PAN card and Aadhar card for some convenience and to prevent many types of frauds. Those who have not yet linked PAN and Aadhar card, they can still link it by paying some fine. But only till March 2023, you can link it by giving a fine. Even after this, if someone has not linked PAN and Aadhaar, then he may have to pay a big price for it. Let us know in detail what is the complete rule.

This will happen after 31 March 2023

According to the report, those who have not yet linked PAN and Aadhar card can link it by paying a fine of Rs 1000 till March 2023, but after March 2023 the fine facility will end and your PAN card will become invalid. . The Income Tax Department says that PAN cards that will not be linked with Aadhaar by March 31, 2023, will be declared invalid and their users will not be able to use them.

you will suffer this loss

If you do not link PAN card and Aadhar card by March 2023, then your PAN will be canceled under Section-139AA of the Income Tax Act. Apart from this, those whose PAN is not linked with Aadhaar will also not be able to file income tax return. Apart from this, many of your government and banking related work will also get stuck. You will not be able to do any financial transaction. You will not be able to use PAN at the time.

Action will be taken on using invalid pan card

Now also know that if the PAN card becomes invalid, then further action can be taken against you. Actually, if you use an invalid PAN card, then under the Income Tax Act, you can be fined 10 thousand rupees. Once you use an invalid PAN card even after being fined, then the amount of penalty will increase. However, you can re-activate your invalid PAN card by completing some procedures.

5 things to keep in mind while linking PAN-Aadhaar

• The process of linking PAN number with 12 digit Aadhaar online through e-filing portal is very easy. You can also link it by messaging in the format given below. You have to write UIDPAN first in the message. After this, 12 digit Aadhaar number will have to be entered by giving space. After that give space again and enter 10 digit PAN card. Now SMS it to 567678 or 56161.
• If there is any problem in linking PAN card and Aadhar card online, then you can also link it offline by visiting PAN service centers of NSDL and UTITSL.
• If you are an NRI, you do not need to link PAN and Aadhaar. However, Aadhar card may be required for doing some financial transactions.
• If you want to link PAN and Aadhaar online yourself sitting at home, then first of all register yourself online by visiting Income Tax’s e-filing website www.incometaxindiaefiling.gov.in .
• Now on the website you will see an option ‘Link Aadhaar’.
• Now go to the profile setting of your account and select the option of linking Aadhar card.

• Here by entering your Aadhaar number and captcha code, click on ‘Link Aadhaar’ option. In this way your PAN card and Aadhar card will be linked.

The post Pan Card Update: Get this work related to PAN card done immediately, otherwise from this date a fine of Rs 10 thousand will have to be paid first appeared on Rightsofemployees.com.

Under the Income Tax (15th Aamendment) Rules, 2022, the Central Board of Direct Taxes (CBDT) has issued new rules, which have also come into effect from 26 May. This rule has been notified.

Know when PAN-Aadhaar will be necessary

If someone deposits Rs 20 lakh in cash in one or more accounts in a financial year, then he will have to submit PAN-Aadhaar.
Linking of PAN-Aadhaar will be necessary even for withdrawing Rs 20 lakh from any one or more accounts in a banking company or co-operative bank or post office in a financial year. 
PAN-Aadhaar will have to be given even if you open a current account or cash credit account with a banking company, co-operative bank or post office.
If someone opens a current account, then PAN card will be mandatory for that too.
– If someone’s bank account is already linked with PAN, then he will still have to link PAN-Aadhaar for transactions.

A close watch of the tax department

Actually, the Income Tax Department has taken this decision to reduce the counterfeiting of cash and for the purpose of monitoring. The government has taken this step so that the Income Tax Department remains updated with the financial transactions of the people. Now with the addition of Aadhaar and PAN, more and more people will come under the purview of Income Tax. Actually, having a PAN number during the transaction, the Income Tax Department will keep a close watch on you.

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