Pan Aadhaar Link: Union Finance Minister Nirmala Sitharaman on Thursday defended the penalty for not linking Permanent Account Number (PAN) with Aadhaar. Aadhaar-PAN linking was free till March 31, 2022.
Last year, a late fine of Rs 500 was imposed from April 1, which was later increased to Rs 1,000 from July 1. Apart from this, PAN will become inactive if it is not linked with Aadhaar before June 30 this year. If the PAN card becomes inactive then all the financial work will stop.
Given enough time
During a press conference on Thursday, the Union Finance Minister said that PAN card should have been linked with Aadhaar. A lot of time has already been given by the government to do this work. He said that if this deadline expires, the amount of the fine will increase. According to a Finance Ministry statement issued on March 28, anyone having a PAN will have to link it with Aadhaar or face consequences, which include TDS and TCS deductions.
Link will have to be done by June 30
According to the statement, under the provisions of the Income Tax Act, 1961 (‘Act’), every person who has been allotted PAN as on July 1, 2017 and is eligible to obtain an Aadhaar number, is required to link his Aadhaar. Earlier the date of linking it was 31 March 2023. PAN could be linked to Aadhaar with a fine of Rs 1,000. Now its date has been extended again. Now PAN can be linked with Aadhaar till June 30. If taxpayers do not link their Aadhaar before July 1, 2023, then the PAN card will become inactive.
