The indian government has mandated the linking of Permanent Account Number (PAN) with Aadhaar to streamline tax processes. Failure to comply with this requirement can lead to the deactivation of the PAN card, rendering individuals unable to file tax returns. Many Non-Resident indians (NRIs) have reportedly neglected to link their Aadhaar with PAN, risking potential consequences.
The central government has already collected substantial penalties from individuals who missed the deadline for Aadhaar-PAN linkage, amounting to approximately Rs. 600 crores. Despite these penalties, an estimated 11.48 crore people, including NRIs, have not completed the Aadhaar-PAN linking process.
The initial deadline for linking Aadhaar with PAN for free was june 30, 2023. However, individuals who still wish to link these identification numbers can do so by paying an additional fee of Rs. 1000 after the deadline.
According to the Income Tax Act of 1961, it is mandatory for every PAN cardholder to link their PAN with their Aadhaar number. Although the deadline expired on june 30, 2023, there is still an opportunity for Aadhaar-PAN linking, subject to the payment of a Rs. 1000 penalty. The Central Board of Direct Taxes (CBDT) has indicated that individuals who pay the penalty and provide the necessary details to the authorities can have their PAN cards reinstated within 30 days.
The central government has already collected substantial penalties from individuals who missed the deadline for Aadhaar-PAN linkage, amounting to approximately Rs. 600 crores. Despite these penalties, an estimated 11.48 crore people, including NRIs, have not completed the Aadhaar-PAN linking process.
The initial deadline for linking Aadhaar with PAN for free was june 30, 2023. However, individuals who still wish to link these identification numbers can do so by paying an additional fee of Rs. 1000 after the deadline.
According to the Income Tax Act of 1961, it is mandatory for every PAN cardholder to link their PAN with their Aadhaar number. Although the deadline expired on june 30, 2023, there is still an opportunity for Aadhaar-PAN linking, subject to the payment of a Rs. 1000 penalty. The Central Board of Direct Taxes (CBDT) has indicated that individuals who pay the penalty and provide the necessary details to the authorities can have their PAN cards reinstated within 30 days.
