Opportunity to link PAN-Aadhaar till June 30 if not done then know the loss
The Income Tax Department has issued a final warning to all PAN cardholders to link their PAN with Aadhaar before June 30, 2023. If you haven’t linked your PAN card with Aadhaar, this is your last chance to avoid facing several problems. Here are the highlights of the news:
Deadline for linking PAN-Aadhaar ends in June: The deadline for linking PAN-Aadhaar is ending in the month of June itself. That is why if you have not linked your PAN-Aadhaar link, then link PAN with Aadhaar as soon as possible.
Inactive PAN card from July 1: The Income Tax Department has appealed to all PAN users to link PAN with Aadhaar and has warned that if PAN is not linked to Aadhaar, then the PAN card will become inactive from July 1, 2023, under section 139AA of Income Tax.
Fee for linking PAN-Aadhaar online: According to the Income Tax Department, users will have to pay a fee of Rs 1,000 to link PAN with Aadhaar online.
Fine for using an inactive PAN card: If a person uses an inactive PAN card, then there is a provision of Rs 10,000 for using an inactive PAN card.
Difficulty in banking transactions and property transactions: In the absence of PAN-Aadhaar link, there will be difficulty in banking transactions, as well as buying and selling of land or property will not be possible. Not only this, a bank account can also be frozen, and there will be trouble in opening a bank account. You will not be able to make a new debit or credit card. In case of no PAN DDS or TCS deduction, more tax will have to be paid.
The Income Tax Department has issued several warnings, and it is crucial to link your PAN with Aadhaar before the last date of June 30 to avoid facing any issues. Don’t wait, link your PAN with Aadhaar today!
English Summary: The Income Tax Department has appealed to all PAN cardholders to link their PAN with Aadhaar before June 30, 2023. If PAN is not linked to Aadhaar, then the PAN card will become inactive from July 1, 2023, and there will be difficulties in banking and property transactions. Users will have to pay a fee of Rs 1,000 to link PAN with Aadhaar online.
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