Aadhaar-PAN Link: Pay Rs 500 fine now to link PAN-Aadhaar or face THIS | Personal finance news

New Delhi: Last month was the deadline for linking PAN and Aadhaar, and people who did not complete the task will suffer the consequences. The Central Board of Direct Taxes, or CBDT, said in its latest circular that this does not mean your PAN will be rendered inactive. Those who have not tied their Aadhaar to their PAN can do so by paying a fine of up to Rs 1,000 until next year, according to council, which sets income tax laws .

The CBDT had extended the deadline for linking PAN and Aadhaar to March 31, 2023, but those who have not done so will be fined. By June 30, 2022, a fine of Rs 500 must be paid “in the event that such an intimation is made within three months from the date referred to in the sub-article”. A fine of Rs 1,000 is also demanded for linking Aadhaar and PAN.

Accordingly, if the Aadhaar number is not provided by the last extended notified date of March 31, 2023, the PAN assigned to the person will be rendered inoperative in the event of non-compliance with the law, according to the CBDT.

A non-functioning PAN can lead to a variety of issues, including the inability to file a tax return, the inability to process pending returns and refunds, increased tax deductions, and more. Additionally, since PAN is a key KYC criterion for all types of financial transactions, the taxpayer may have problems in various other places, such as banks and other financial portals. Accordingly, the integration of PAN and Aadhaar is a critical duty.

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Harry D. Gonzalez