The central government has extended the deadline for linking a taxpayer’s Permanent Account Number (PAN) with Aadhaar. The date has been extended until June 30, 2023, according to a release from the Central Board of Direct Taxes (CBDT). It stated that a separate notification is being issued in this regard. The linking of PAN and Aadhaar is critical for reducing tax evasion. If a taxpayer fails to link the two documents, his or her PAN card will be rendered ineffective. In such cases, the taxpayer will be unable to provide, intimate, or quote his PAN.
The CBDT also mentioned the penal action a taxpayer will have to face from July 1 in case his/her Aadhaar and PAN are not linked.
These include:
No tax refund to be allowed against such PAN Cards
If the taxpayer links the two documents after filing the return, the Income Tax department will not pay interest on refund for the period during which the two documents were not linkedBoth tax deducted at source (TDS) and tax collected at source (TCS) will be deducted/collected at higher rate in such cases
A taxpayer can make his/her PAN card operative again within 30 days after payment of late fees of ? 1,000.
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