PAN-Aadhaar Linking Deadline Gone: What To Do In Case Your PAN Became Incorporative
The deadline for linking the Permanent Account Number (PAN) with the Aadhaar number was June 30, 2023. Unlike previous instances, the government has chosen not to extend this deadline.
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PAN-Aadhaar Linking Deadline Gone: What To Do In Case Your PAN Became Incorporative
The deadline for linking a PAN (Permanent Account Number) with Aadhaar expired on June 30, 2023. Individuals who have not completed the linking process by this date will result in their PAN becoming inactive. If the PAN becomes inactive, it will be assumed that the individual lacks a valid PAN to conduct a range of financial transactions.
The deadline for linking the Permanent Account Number (PAN) with the Aadhaar number was June 30, 2023. Unlike previous instances, the government has chosen not to extend this deadline. Therefore, starting from today (July 1, 2023), if an individual has not yet linked their PAN with Aadhaar, their PAN will become inactive.
In case your PAN becomes inactive or incorporative then you won’t be able to avail certain services. Even though when it comes to ITR filing, PAN plays a vital role.
Note: The government has not released any extension date as of now for PAN-Aadhaar Linking.
What To Do If PAN Has Been Incorporative?
The central board of direct taxes, On 28th March 2023, released a notification stating “what an individual can do to make their PAN operative again. These steps are given below:
Individuals can reactivate their PAN within 30 days by notifying the designated authority about the Aadhaar linkage including a fee of Rs. 1,000.
To make the PAN cooperative, it is necessary to pay a penalty of Rs. 1,000. However, please note that it will take approximately 30 days from the date of linking to reactivate the PAN.
What Happens If Your PAN Becomes Inactive?
When your PAN becomes inactive, it means that it is no longer considered valid. As a result, you won't be able to use your PAN for any transactions where it is required. Under income tax rules, quoting your PAN is mandatory for certain transactions. For example, you need to provide your PAN when investing in bank fixed deposits, mutual funds, or opening a demat account.
If your PAN becomes inactive, here are some of the consequences you may face:
A) TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) may be deducted or collected at a higher rate.
B) No refunds will be issued for transactions associated with the inactive PAN.
C) You won't receive any interest on any refunds during the period when your PAN is inactive.
To pay the penalty for linking PAN with Aadhaar, follow these steps:
- Log in to your account on the income tax e-filing website.
- Navigate to the profile section of your account.
- Look for the "Link PAN with Aadhaar" option.
- Enter the necessary details as prompted.
- Proceed to make the penalty payment through e-Pay Tax.
- During the payment process, ensure that you select the appropriate option for "Other payments" to make the penalty payment correctly.
Also Read: DGFT extended the last date to apply under the Amnesty Scheme till December 31, 2023
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Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.