PAN-Aadhaar Card Linking: The deadline for linking PAN card with Aadhaar has been extended. The new deadline for linking PAN with Aadhaar has been extended to 30 June 2023. Earlier its deadline was March 31, 2023.
Please tell that currently you can link Aadhaar-PAN card by paying a fine of Rs 1000. Now, if you do not link till the new deadline of June 30, your PAN card may become inactive. After this, you may have to pay a fine of up to Rs 10,000 for linking. Explain that under Section 272B of the Income Tax Act, there is a provision of a fine of Rs 10,000. Let us know for whom the linking of Aadhaar and PAN card is necessary.
As per Section 139AA of the Income Tax Act, linking becomes necessary for every user who has been issued a PAN card by July 1, 2017 and also has an Aadhaar card. However, this linking is not necessary for the residents of Assam, Jammu & Kashmir and Meghalaya. Moreover, as per the Income Tax Act, 1961, even a non-resident is not bound to get Aadhaar-PAN card linked.
Linking is also not necessary for those who are 80 years or more or are not citizens of India till the last year. According to the Income Tax Department, those who fall under one of the above categories and want to voluntarily link their Aadhaar with PAN will have to pay a fine.
What will be the effect
If you do not get the linking of Aadhaar and PAN card done till the deadline, then there may be many problems. If your PAN card becomes inactive then there will be a problem in filing income tax return. At the same time, tax refund will also get stuck. Similarly, the work of other finance will also be affected. If the PAN is inactive, there may be difficulties in opening a bank account. Apart from this, there can be problems in investing in mutual funds and stocks.
