Central Board of Direct Taxes Extends Deadline for PAN-Aadhaar Linking till June 30, 2023

The Central Board of Direct Taxes has extended the deadline for linking Permanent Account Number (PAN) with Aadhaar till June 30, 2023. The Pension Fund Regulatory and Development Authority (PFRDA) has also announced that if PAN and Aadhaar are not linked by the deadline, transactions in people’s National Pension System (NPS) account will be restricted. Here are some of the key updates related to the PAN-Aadhaar linking:

Pensioners Must Update PAN-Aadhaar Linking by June 30, 2023

If you are a pensioner and have not linked your PAN card with Aadhaar yet, then you must update it before June 30, 2023, to avoid any inconvenience. If you fail to meet the deadline, you will not receive your pension in July, and a fine of Rs 1000 will also be imposed. All individuals who have been issued PAN after July 1, 2017, are required to link PAN-Aadhaar.

Linking PAN-Aadhaar is a Mandatory KYC Process for NPS Account

PFRDA has stated that linking PAN and Aadhaar is a mandatory Know Your Customer (KYC) process for NPS accounts. It is crucial for all subsidiaries opening NPS accounts to validate KYC for each of their subscriber’s accounts. Failing to complete this process by June 30, 2023, can lead to the account being closed. The new deadline for PAN-Aadhaar linking is June 30, 2023. After this, a fine of Rs 1000 will be charged for non-compliance.

Consequences of Not Linking PAN-Aadhaar

If a user fails to link PAN and Aadhaar by June 30, 2023, neither any refund will be given against PAN nor any interest will be paid on this refund. After the deadline, the PAN of that person will be closed, and TDS and TCS of the user will also be deducted at a higher rate. The PAN will be active again only after 30 days after paying a fine of Rs 1000.

How to Link PAN Card with Aadhaar Card

To link your PAN card with Aadhaar card, follow these simple steps:

1. Log on to the official website of Income Tax.
2. Go to the Quick Link section and click on Link Aadhaar.
3. Enter your Aadhaar details, PAN, and mobile number in the new window that appears.
4. Select the option of ‘I validate my Aadhaar details’.
5. Fill in the OTP received on your registered number and click on ‘Validate’.
6. After paying the fine, your PAN will be linked to your Aadhaar.

In conclusion, individuals must complete the PAN-Aadhaar linking process before the deadline of June 30, 2023, to avoid any inconvenience or penalties.

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Attention Pensioners! Act fast on this pension matter or face cessation and a Rs 1000 penalty.

Superfast News Coverage by DelhiBreakings.com team.

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