As per the notification from the Income Tax Department, the permanent account number i.e PAN holders must link their number with Aadhar card by March 31, 2023. As per the notification, if the PAN is not linked with Aadhaar Card on or before March 31, 2023, the PAN Card will automatically become inoperative. After crossing the deadline, the PAN holders will not be able to use their ten-digit unique alphanumeric number and financial transactions linked to PAN will be stopped. Moreover, all the income tax pending returns will be stopped from processing by the Income Tax Department.
However, there are some categories of residents who are exempted from linking their PAN Card with Aadhaar Card the List of which is as follows:
The Above-mentioned categories of people are exempted from the process of linking PAN Card with their Aadhaar Card.
What Is The Penalty For Not Linking Aadhar Now?
Irrespective of your reasons, The Central Board of Direct Taxes will impose a fine of Rs.1000/- if you link your Aadhar Card with PAN Card after 30th June 2022.
Why PAN Should Be Linked to Aadhaar?
A Shaikh and Associates, Chartered Accountant Firm in Mumbai is engaged into PAN related registration and application since its incorporation. We have a team of experts who not only poses required skills and experience but also have worked in complex business environment and were engaged in providing complex solutions in terms of providing Accounting, Taxation and related Compliance services to our clients.