PAN Aadhaar Link: If Aadhaar is not linked to PAN, then after this date a fine of Rs 1000 will have to be paid.
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PAN Aadhaar Link: To streamline financial transactions and prevent tax evasion, the Central Board of Direct Taxes (CBDT) has directed taxpayers to link PAN with Aadhaar before March 31, 2023. Individuals should note that if Aadhaar is not linked with PAN within the time limit, the PAN card will become inactive for initiating all financial transactions. The Securities and Exchange Board of India (SEBI) has also issued a notification in this regard, stating that individuals will not be able to initiate any transaction in financial markets such as NSE and BSE, if their Aadhaar is not linked with PAN within the deadline. Is.
how to deactivate aadhar card
If you have PAN and are eligible to obtain Aadhaar or already have Aadhaar number, you need to inform the Income Tax Department. You can do this by linking your PAN with your Aadhaar. If you fail to do the PAN-Aadhaar linking, your PAN will become ‘inoperative’.
Why is it important to link PAN with Aadhaar?
The Income Tax Department of India said that to solve the issue of duplication of PAN, it is mandatory to link Aadhaar with PAN. The announcement was made after the IT department identified cases where one person had multiple PANs, or where one PAN number was allotted to multiple persons. If Aadhaar is linked to PAN, the government can verify the identity of taxpayers, prevent tax evasion and ensure compliance with tax laws.
what is aadhaar number
Aadhaar card contains a unique 12-digit number issued by the Unique Identification Authority of India (UIDAI) to every citizen in India. It is an identification number, which helps in accessing cardholder details from government databases such as biometrics and contact information. Any person, irrespective of age and gender, being a resident of India can voluntarily enroll for obtaining an Aadhaar number. The enrollment process is free. Once a person enrols, their details are permanently stored in the database. A person cannot have more than one Aadhaar number.
Who is exempted from linking Aadhaar with PAN
While it is mandatory for all Indian citizens, certain categories of persons are exempted from Aadhaar-PAN linking. There are certain categories of persons for whom this relationship is not essential. Citizens who are above 80 years of age and are non-residents as per the Income Tax Act and people who are not citizens of India but are living in the country are exempted from Aadhaar-PAN linking.
Aadhaar-PAN Linking Deadline
The deadline to link Aadhaar with PAN free of cost was March 31, 2022. Taxpayers will now have to pay a penalty of Rs 1,000 for linking Aadhaar with PAN by March 31, 2023.
What will happen if Aadhaar is not linked with PAN?
As per CBDT, linking of Aadhaar with PAN is mandatory and failure to do so will lead to deactivation of PAN. Once the PAN is deactivated, the individual will no longer be able to file income tax returns, process pending returns or issue refunds. Also, pending proceedings, such as defective returns, cannot be completed once the PAN is inoperative.
How to link Aadhaar with PAN
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To link Aadhaar with PAN, first of all you have to visit the Income Tax e-filing portal- incometaxindiaefiling.gov.in.
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Click on the option ‘Link Aadhaar’.
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Enter your PAN, Aadhaar number and name as per Aadhaar.
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Verify the details and submit.
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On successful linking, a confirmation message will be displayed on the screen and an OTP will be sent to your registered mobile number.
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