Deadline to link Aadhaar-PAN

 

Aadhaar and PAN Linking: Deadline and Consequences

The Indian government has made it mandatory to link the Permanent Account Number (PAN) with the Unique Identification Number Aadhaar. Out of the total 61 crore PAN holders in India, about 48 crore have already linked their PAN with Aadhaar. However, there are still 13 crore individuals who have not completed this linking process yet.

The Central Board of Direct Taxes (CBDT) has issued a warning that those who do not link their PAN with Aadhaar by March 31, 2023, will face severe consequences. The government has announced that the non-linking of PAN with Aadhaar will result in the deactivation of the PAN, which means that the person concerned will not be able to access tax benefits or use their PAN for any tax-related activities. Moreover, their account will be banned, and they will face all the consequences prescribed under the Income Tax Act, including non-filing of income tax returns and non-processing of pending returns.

Several awareness campaigns have been conducted to inform people about the importance of linking PAN with Aadhaar, and the deadline has been extended multiple times. However, many people have still not completed the process. The government has fixed the deadline of March 31, 2023, and has also announced that a fee of Rs 1,000 will have to be paid for linking PAN with Aadhaar from the present time till the deadline.

The linking of PAN with Aadhaar is crucial for the business world, and Finance Minister Nirmala Sitharaman has announced in the budget that PAN will now be used by business establishments as a common identifier in the digital systems of government agencies. The linking of PAN with Aadhaar will help in the simplification of business procedures and increase transparency in financial transactions.

In conclusion, it is important for individuals to link their PAN with Aadhaar by the deadline of March 31, 2023, to avoid any consequences prescribed under the Income Tax Act. It is a simple and quick process, and individuals should not delay it any further.