PAN Aadhaar Linking: The last date to link your Permanent Address Number (PAN) with your Aadhaar is inching fast, with the deadline being March 31. Linking your PAN with Aadhaar number is one of the most important tasks the government wants you to do by this month. Though, the Central Board of Direct taxes, or CBDT, has deferred the last date to Link Aadhaar and PAN multiple times, the department has made it clear that completing the task is mandatory. If not done within the stipulated time, your PAN will become inoperative.
According to industry experts, having an inoperative PAN is similar to not having a PAN at all. In case you do not have an active PAN, you will not be able to carry out any work that requires the document. This includes all investments like bank account, mutual funds, stock market and other investments, where your KYC is needed to complete the transaction. Having an operative PAN is essential to complete the KYC process.
Not only this, if your PAN is not seeded with your bank account, you will have to give double TDS (Tax Deduction at Source). If your bank account is seeded with PAN, a 10 per cent TDS is chargeable.
The government has also added 234H– a new section under the Income Tax Act, 1961. This enables the authorities to levy a penalty on the individual if the work is not done within the due date.
This means that if you link your PAN and Aadhaar after the due date, the government is eligible to levy a fine on the process at the time of linking, the CBDT has said. This is why, it is advisable to link PAN Aadhar before March 31, 2022. While this penalty cannot go beyond Rs 1,000, furnishing an invalid PAN will attract a fine of Rs 10,000.
Currently, the last date to link Aadhaar-PAN is March 31 this year. “Time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from 30th September, 2021 to 31st March, 2022,” the CBDT has said in a notification.
Here is How You Can Link PAN-Aadhaar
There are many ways you can link PAN with Aadhaar. For one, you can do it online in two ways — without logging in to the income tax portal or by logging into your account. You have to enter your PAN and Aadhaar details to link them, along with other required details.
Apart from these methods, you can also link your Aadhaar card to your PAN card via SMS thanks to the Aadhaar issuing authority Unique Identification Authority of India’s (UIDAI’s) new updates. The linking process can be done by sending an SMS to either 567678 or 56161 from your registered phone number.
Read all the Latest Business News and Breaking News here
Comments
0 comment