By: ABP News Bureau | Updated at : 28 Mar 2023 03:44 PM (IST)
Centre has extended the deadline for linking PAN with Aadhar card till June 30th. ( Image Source : ABP Live )
The Centre has extended the deadline for linking PAN with Aadhaar card till June 30th. Finance Ministry on Tuesday informed that to provide taxpayers with additional time, the deadline for linking PAN and Aadhaar has been extended.
Starting July 1, 2023, taxpayers who have failed to link their Aadhaar to their PAN card will face consequences. The government has announced that the PAN of such taxpayers will become "inoperative".
The consequences for those with inoperative PAN cards will be severe. First, no refunds will be issued against such PAN cards. Additionally, interest will not be payable on any refunds due to these taxpayers during the period that their PAN remains inoperative.
Moreover, any TDS (tax deducted at source) and TCS (tax collected at source) will be deducted or collected at a higher rate, as provided for in the Act.
However, there is a way for taxpayers to make their PAN operative again. If they provide their Aadhaar details to the prescribed authority and pay a fee of Rs 1,000, they can reactivate their PAN within 30 days.
It's important to note that some taxpayers will be exempt from this new rule. Those residing in specified states, non-residents, individuals who are not citizens of India, and those over 80 years old at any time during the previous year will not be required to link their PAN to their Aadhaar. They will not face the consequences mentioned above.
As per the provisions of the Income-tax Act, 1961, individuals who were allotted a PAN before July 1, 2017, and are eligible for an Aadhaar number are required to inform the designated authority of their Aadhaar number on or before June 30, 2023. Failure to do so will result in certain consequences under the Act starting from July 1, 2023.
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