PERSONAL FINANCE
According to the CBDT, it is mandatory to link Aadhaar to Permanent Account Numbers (PAN) by March 31, 2023.
The government has made PAN-Aadhaar linking mandatory to avail few services, including filing income tax returns. The Central Board of Direct Taxes (CBDT) has stated earlier that if PAN is not linked to Aadhaar will be "inoperative" after March 31, 2023. The earlier deadline for linking was March 31, 2022 which was extended with a fee of Rs 1000.
The income tax department said earlier, "As per the Income Tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before March 31, 2023. From April 1, 2023, the unlinked PAN shall become inoperative. What is mandatory, is necessary. Don’t delay, link it today!"
If you have not yet linked your PAN and Aadhaar card, it is important to do so before March 31, 2023. After this date, your PAN will become inoperative, and you will not be able to file your income tax return. A fine of Rs 10,000 will be imposed on those who fail to link their PAN and Aadhaar cards by the deadline.
Multiple PAN Cards: By linking PAN and Aadhaar, fraudulent activities will reduce as it will eliminate the possibility of having more than one PAN Card.
Prevent Tax Evasion: After PAN and Aadhaar are linked, the Income Tax Agency will be able to identify any type of tax evasion.
-Income Tax Returns: The process of filing income tax returns will become easier as individuals will no longer be required to provide proof for their income tax returns. Since Aadhaar contains all of a person's information, including biometric verification, the linkage will speed up the return filing procedure.
How to Check the Status of Aadhaar-PAN Linking
To link your PAN with your Aadhaar, you can follow the steps given below:
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