aadhaar: PAN not linked to Aadhaar? You might have yet another yr now, however free run is over

“In an effort to mitigate the inconvenience to the taxpayers … a window of alternative has been supplied to the taxpayers upto thirty first of March, 2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking with out dealing with repercussions,” the apex direct taxes physique mentioned in assertion late Wednesday. The CBDT has issued a notification to this impact.

Taxpayers will, nonetheless, be required to pay a price of ₹500 as much as three months from April 1, 2022, and a price of ₹1,000 after that.

The PAN of assessees who haven’t intimated their Aadhaar, will proceed to be useful until March 31, 2023, for the procedures beneath the Act, like furnishing of return of earnings, processing of refunds, it mentioned.

“An in depth Round No.7/2022 dated 30.03.2022 has additionally been issued on this regard,” the board mentioned.

After March 31, 2023, the PAN of taxpayers who fail to intimate their Aadhaar, as required, shall change into inoperative and all the implications beneath the Act for not furnishing, intimating or quoting the PAN shall apply to such taxpayers. The PAN could be made operative once more upon intimation of Aadhaar to the prescribed authority after fee of a prescribed price, it mentioned.

That is the fourth extension given by the federal government for people to hyperlink their Everlasting Account Quantity (PAN) with their biometric ID (Aadhaar).

The federal government has now made quoting of Aadhaar obligatory for submitting earnings tax returns (ITRs) in addition to for acquiring a brand new PAN.

Part 139 AA (2) of the Revenue Tax Act says that each individual having PAN as on July 1, 2017, and eligible to acquire Aadhaar, should intimate his Aadhaar quantity to the tax authorities.

As per up to date knowledge until March 5, over 16.65 crore PANs, out of the overall about 33 crore, have been linked with Aadhaar.

The sooner deadlines for linking the 2 databases have been July 31, August 31 and December 31, 2017, with the final being March 31 this yr.