From linking PAN card and Aadhaar Card to submission of updated income tax return (ITR), failure to meet these deadlines may lead to financial losses
The Income Tax department Saturday issued an advisory that those permanent account numbers (PAN) which are not linked with Aadhaar by the end of March next year will be rendered "inoperative". "What is mandatory, is necessary. Don't delay, link it today!" the department said in a public advisory. "As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative," it said. The 'exempt category', according to a notification issued by the Union Finance Ministry in May 2017, are those individuals residing in the states of Assam, Jammu and Kashmir and Meghalaya; a non-resident as per the Income-tax Act, 1961; of the age of 80 years or more at any time during the previous year and a person not a citizen of India. A circular issued by the Central Board of Direct Taxes (CBDT) on March 30 said once a PAN becomes inoperative, an individual sha
The fee will be Rs 500 for those who link their PAN with Aadhaar between April 1 and June 30, 2022
The Delhi High Court has extended till November 31 the deadline for the seeding of the Aadhaar number along with the Universal Account Number (UAN) and its verification
The government on Friday extended by six months till March 2022 the deadline to link PAN with biometric ID Aadhaar. In a statement, the Central Board of Direct Taxes (CBDT) said to address the hardship being faced by various stakeholders on account of the COVID-19 pandemic, the timeline has been extended which will ease compliance. "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," it said. Also, the due date for completion of penalty proceedings under the I-T Act has been extended from September 30, 2021 to March 31, 2022. Further, the time limit for issuance of notice and passing of order by the Adjudicating Authority under the Prohibition of Benami Property Transactions Act, 1988 has been extended to March 2022.
Apart from tax planning, you need to make sure you've paid your advance tax correctly and linked your Aadhaar to your PAN
Here are the eight major announcements by the govt in the recent past
It may be recalled that the deadline for linking of PAN and Aadhar has been extended several times and the latest deadline ends on 31 March, 2020
The Central Board of Direct Taxes (CBDT), that frames policy for the I-T department, said a notification has been issued in this context
Those who cite an Aadhaar number, which is not already linked to a PAN number, for tax returns and other specified transactions after September 1, will get a fresh one from the Income Tax Department.
As many as 2.07 crore taxpayers have already linked their Aadhaar with PAN
Link Aadhaar with PAN because from July 1, 2017 all tax returns will have to mention Aadhaar number