PAN-Aadhaar Link: Link PAN-Aadhaar Card Before July 1 Or Pay Double Penalty, Know Step By Step Guide Here
PAN-Aadhaar Link: Link PAN-Aadhaar Card Before July 1 Or Pay Double Penalty, Know Step By Step Guide Here
PAN-Aadhaar link: Deadline for Aadhaar PAN link is ending on 30th June 2022. Earlier, the deadline was 31st March 2022 but it was extended up to 30th June 2022 with a late fine of ₹500. However, if a PAN card holder fails to sees his Aadhaar number with its PAN card, then in that case he or she will have to pay ₹1,000 as late fine for PAN Aadhaar linking. As per the newly inserted Section 234H of Income Tax Act (in March 2021 via Finance Bill), non-linking of PAN with Aadhaar by March 31 would attract penalty of up to ₹1,000, but such PAN cards will remain functional for one more year till March 2023 or FY2022-23, for filing ITR, claiming refunds and other I-T procedures.
PAN-Aadhaar Link: A circular issued by the Central Board of Direct Taxes (CBDT) said that taxpayers who link their PAN card with their Aadhar by June 30, will be required to pay a late fee of ₹500. However, if people do the linking on or after July 1, they will have to pay a penalty of ₹1,000.
“Link PAN Aadhaar Started. A fee of ₹500 payable if linked up to 30/06/22, else fee payable is ₹1,000. Fees to be paid by Challan No ITNS 280 with Major head 0021 (Income Tax Other than Companies) & Minor head 500 (Fee). Try to link after 4-5 working days from date of payment,” a tweet by Taxation Updates said on Wednesday.
On March 29, the Union finance ministry had issued a statement where it said, “In order to mitigate the inconvenience to the taxpayers, as per Notification No.17/2022 dated 29th March 2022, a window of opportunity has been provided to the taxpayers up to 31st of March, 2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. As a result, taxpayers will be required to pay a fee of Rs. 500 up to three months from 1st April 2022 and a fee of Rs.1000 after that, while intimating their Aadhaar,” the Union finance ministry said in a statement on March 29.
How to link PAN with Aadhaar
- Go to the Income Tax e-filing portal – https://incometaxindiaefiling.gov.in/
- Register with your details on it. PAN (Permanent Account Number) will be the user ID.
- Now, log in using the User ID, password and date of birth.
- A pop-up window will appear, prompting you to link your PAN with Aadhaar.
- If the window does not appear, go to ‘Profile Settings’ on the Menu bar and click on ‘Link Aadhaar’.
- Details such as name date of birth and gender will already be mentioned as per the PAN details.
- Just verify the PAN details on the screen with the ones mentioned on your Aadhaar.
- Enter your Aadhaar number and click on the “link now” button.
- The Aadhar Card will be linked to the PAN card and the message will be reflected on the screen.
PAN Aadhaar link: Penalty and other losses
Your PAN card may become inoperative if you don’t link your PAN with your Aadhaar number. The problem of the PAN card holder won’t end here only as the individual won’t be able to invest in mutual funds, stocks, open a bank account, etc. where furnishing a PAN card is must. Apart from this, if the person furnishes the PAN Card, which is no more valid, then under Section 272B of the Income Tax Act 1961, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees.