Apart from being inactive, those whose Aadhaar is not linked to PAN will not get IT refund, interest on such refund will not be payable for the period during which PAN remains inactive, and finally, TDS/TCS deducted/collected on excess Will be done. rate, as provided in the Act.
The Income Tax Department said in a tweet: “As per the IT Act, 1961, it is mandatory for all PAN holders to link their PAN with Aadhaar before 31.3.23. With effect from 1.4.23, the unlinked PAN will become inactive. Please link today.
In order to provide some more time to taxpayers, the date for linking of PAN and Aadhaar has been extended till June 30, 2023, so that individuals can inform their Aadhaar to the prescribed authority for PAN-Aadhaar linking without facing any hassle. Can
(1/2) pic.twitter.com/EE9VEamJKh— Income Tax India (@IncomeTaxIndia) March 28, 2023
PAN and Aadhaar linking deadline extended
The Securities and Exchange Board of India (SEBI) has asked investors to link their PAN and Aadhaar by the said deadline or investors will not be able to start transacting in financial markets like NSE and BSE.
Those whose Aadhaar is not linked to their PAN before June 30, 2023, will have to pay a fine of Rs 1,000 to make their PAN operative again.
PAN-Aadhaar linking is not required for NRIs, persons who are not citizens of India and senior citizens above the age of 80 years. Residents of Assam, Meghalaya and Jammu and Kashmir are also not required to get their PAN and Aadhaar linked.
The main idea behind linking of PAN and Aadhaar with the Income Tax Department of India was to solve the issue of duplication. This came after the IT department identified cases where one person had multiple PANs, or when one PAN number was allotted to multiple persons. This led to disturbances in the tax collection process.
