The PAN-Aadhaar link should be completed by the end of June; after July 1, it will cost you more

Link your PAN to your Aadhaar before the end of this month (June 2022) to avoid paying a penalty. If you link your PAN to your Aadhaar on or before June 30, 2022, you will be charged Rs 500. However, after June 30, a fee of Rs 1,000 would be required if the PAN-Aadhaar link, as per a circular issued by the Central Commission for Direct Taxes (CDBT).

According to the press release, “In order to mitigate the inconvenience to taxpayers, pursuant to Notification No. their Aadhaar to the prescribed authority for Aadhaar-PAN linkage without facing repercussions.As a result, taxpayers will be required to pay a fee of Rs 500 up to three months from April 1, 2022 and a fee of Rs 1000 thereafter , while informing their Aadhaar However, until March 31, 2023, the PAN of assessees who have not hinted at their Aadhaar will continue to be functional for procedures required by law, such as providing a statement of income, processing of refunds, etc.

Why should you link PAN to Aadhaar

Your PAN will become inoperative next year from April 1, 2023, if not linked to Aadhaar by March 31, 2023. Once your PAN becomes inoperative, you will no longer be able to file a tax return , open a bank account, invest in mutual funds, etc.

Payment of penalty amount

Fees are to be paid by Challan No ITNS 280 with Major Head 0021 (non-corporate income tax) and Minor Head 500 (fees), according to a recent tweet on the official Department of Taxation Twitter account. Income. their constituent elements.

“Fee of Rs.500 payable if bound till 30/06/22 otherwise fee payable is Rs.1000. Fee payable by Challan Non ITNS 280 with main head 0021 (Income tax other than companies) and minor head 500 (fee).Try to link after 4-5 working days from the date of payment.

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Harry D. Gonzalez