Penalty for failure to Link PAN to AADHAAR of Rs. 10,000
Category:Income Tax Portal
Income Tax Department: If you also have a PAN card, this news is very important for you. PAN card holders are advised to link their Permanent Account Number (PAN) with Aadhaar card number before March 31, 2023. If you do not link your PAN with Aadhaar by this deadline then your PAN card may also be deactivated. Apart from that, you have to pay Rs 1,000 to link your PAN with Aadhaar.
The Income Tax Department mentions on its website, “CBDT has extended the deadline for linking Aadhaar with PAN from 31st March 2022 to 31st March 2023. Until 31st March 2023, you can link Aadhaar with PAN PAN is linked. If it is not connected before June 30, 2023, one has to pay more fine instead of Rs 500. Linking Aadhaar card with PAN card on or after July 1, 2023 will be fined Rs 1000 fine.
Avoid Rs 10,000 fine by paying Rs 1,000:
You can link PAN card with Aadhaar card by depositing an invoice of Rs 1000. Let us tell you that the Central Board of Direct Taxes (CBDT) is imposing late payment charges from June 30, 2022. The Income Tax Department has advised persons who do not fall within the exempt categories under the Income Tax Act 1961. Their PAN cards will be deactivated from April 1st.
A fine of Rs 10,000 will be imposed as follows:
If your PAN card becomes inactive, you cannot use it for mutual fund or stock accounts. Apart from that, if you use this card as a document somewhere, then you may be fined Rs 10,000. Let us tell you that under Section 272B of the Income Tax Act, 1961, the Income Tax Department can recover Rs 10,000 from you.
Link PAN cards in this easy way:
You can link your PAN card with Aadhaar at home.
- Visit the Income Tax Department’s Electronic Filing website.
- Here you can link PAN card with Aadhaar number.
- After this, you must enter your information. Such as your name and date of birth.
- If your Aadhaar card only says 1985 as date of birth then please make a correct mark on the box.
- Enter the verification code to verify.
- After this, you will see “Link Aadhaar” written, click on it.
- In this way your PAN card will be linked with Aadhaar card.
your money may get stuck - You will not be able to buy gold worth more than Rs 5 lakh from anywhere.
Cannot deposit or withdraw more than Rs 50,000 in any bank.
If the PAN card is inactive, you will not be able to file your tax return. In this case your TDS will also sink.
Problems can arise when investing in mutual funds or the stock market. Getting the benefits of government programs can also be problematic.