PAN Aadhaar Linking: The Central Government has decided to extend the deadline for linking Aadhaar and PAN (PAN Aadhaar Linking Deadline Extended), giving great relief to taxpayers. Earlier this deadline was ending on March 31, 2023, which has now been extended to June 30, 2023. This news has brought relief for those taxpayers who have not linked these two documents. Now they can link Aadhaar and PAN without any hassle even after March 31.
Make sure to link PAN with Aadhaar before the deadline
According to the notification issued by the government, according to the Income Tax Act, 1961, those people who have been issued PAN card after July 1, 2017 are entitled to get Aadhaar number. That person was required to share the Aadhaar number with the tax authority by March 31, 2023, by paying the prescribed fees, which has now been extended to June 30, 2023. If you do not link Aadhaar and PAN by this deadline, then your PAN will be deactivated. In such a situation, you may have to face a lot of trouble. In the event of PAN card becoming inactive, many financial operations will be braked.
If PAN Aadhaar is not linked, it will be 10 financial losses-
1. In case of non-linking of Aadhaar PAN, the PAN card will be made inactive. In such a situation, you will not be able to file your income tax return.
2. Along with this, the interest rate benefit of ITR will not be available for the day the PAN remains inactive.
3. Along with this you will have to pay more TDS. Bank will charge 20% TDS instead of your 10%.
4. Without PAN card you will not be able to do transactions above Rs 50,000.
5. strong> Without a PAN card, you cannot buy any vehicle other than a two-wheeler.
6. Banks do not issue credit and debit cards to customers without a card.< br />7. You will not be able to make hotel bookings, restaurant, banquet hall bookings and payments above Rs 50,000 without a PAN card.
8. Without a PAN card, insurance coverage of more than Rs 50,000 cannot be paid.
9. Without a PAN card, you cannot open a trading and demat account to invest in the stock market.
10. You cannot buy a property worth more than Rs 10 lakh without a PAN card.
Link Aadhaar and PAN today by paying fine
It is worth noting that if you have not linked PAN and Aadhaar till now, then finish this work today itself and do not wait for the deadline. To link PAN Aadhaar, visit the Income Tax Department’s website https://www.incometax.gov.in/iec/foportal/. Here you go to Quick Links and link PAN Aadhaar. Keep in mind that for linking PAN Aadhaar, you will have to pay a penalty of Rs 1,000. You can easily link PAN and Aadhaar by making this payment through credit, debit or net banking.
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