THIS is the PENALTY if you don't link your Aadhaar with PAN by September 30, check how to link via SMS - all details here
In a relief to the people, the last date for linking PAN with Aadhaar has been extended till September 30, 2021. Earlier, the last date for PAN Aadhaar linking was June 30, 2021.
PAN Aadhaar Link: In a relief to the people, the last date for linking PAN with Aadhaar has been extended till September 30, 2021. Earlier, the last date for PAN Aadhaar linking was June 30, 2021. Now, it has been extended till September 30. One must link the Aadhaar with PAN within this stipulated time. There are queries in the minds of the people regarding what will happen if the Aadhaar and PAN are not linked.
See Zee Business Live TV Streaming Below:
According to the Income Tax website, incometaxindia.gov.in, if the Aadhaar and the PAN are linked then the PAN will become inoperative. The Central Board of Direct Taxes has notified Rule 114AAA prescribing the manner and consequences if PAN becomes inoperative. According to the rule, in case a person's PAN becomes inoperative, it will be deemed that he has not furnished, intimated or quoted the PAN, as the case may be, and he shall be liable for all the consequences under the Act for not furnishing, intimating or quoting the PAN. However, the person can reactivate his PAN by subsequently intimating his Aadhaar to the Department.
It has to be noted that if a person fails to link PAN-Aadhaar by due date, he will be liable to pay a fee, maximum of Rs 1000 under section 234H. This fee shall be in addition to the other consequences the person has to face if PAN becomes inoperative due to non-intimation of Aadhaar.
In order to avoid any inconvenience, one must link one's Aadhaar with PAN within the deadline. Aadhaar is one of the most important documents for an individual in the country and it is going to be a one-stop solution for all the requirements. Linking of Aadhaar with PAN is not difficult at all. One can link the Aadhaar with PAN just by sending an SMS.
The taxpayers who want to link their Aadhaar number with PAN is required to send SMS to 567678 or 56161 in following format:
UIDPAN<space><12 digit Aadhaar><space><10 digit PAN> and send to 567678 or 56161. For instance, UIDPAN 111122223333 AAAPA9999Q and it to 567678 or 56161. The Aadhaar number will be linked with PAN if name and date of birth of taxpayer is identical to Aadhaar and PAN.
For more information, one can login to the Income Tax website at incometaxindia.gov.in.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.