PAN-Aadhaar linking deadline extended to September 30 by Government: The PAN-Aadhaar linking deadline has yet again been extended by the government. As per announcement made by Minister of State for Finance & Corporate Affairs Anurag Thakur via his Twitter handle, the deadline to link PAN with Aadhaar has been extended by three months to September 30, 2021 from the current deadline of June 30, 2021.
The PAN-Aadhaar linking deadline has been extended due to the second wave of the novel coronavirus pandemic. The government has already extended the deadline thrice due to Covid-19 – first from March 31, 2020, to June 30, 2020, then to March 31, 2021, and then again to June 30, 2021. This extension will come as a relief for those who still have not linked their PAN with Aadhaar due to mismatch in details.
However, Indians should note that the government has only extended the deadline for PAN-Aadhaar linking and that the repercussions of not doing so standstill. For instance, pan card holders who have still not linked it with their Aadhaar card will have to eke out higher Tax Deduction at Source (TDS) from October 1.
Important announcements related to @IncomeTaxIndia
✅We are announcing impt measures related to Tax Concessions for Payment towards COVID Treatment/Death.
✅Easing of IT Compliance Burden during COVID.
✅And additional Relief Measures for Income Tax Payers have been taken. pic.twitter.com/NxqsOJRa0Y
— Anurag Thakur (@ianuragthakur) June 25, 2021
Do keep in mind that if your PAN is not linked with Aadhaar by the new deadline, then not only will your PAN become inoperative, but you will also be liable to pay a penalty of up to Rs 1,000 if the linking is done after the expiry of the deadline.
Penalty will be levied as per the newly inserted section 234H into the Income-tax Act, 1961. The insertion of the new law was done by the government at the time of passing of the Finance Bill, 2021. Though the law says that the maximum penalty amount will not exceed Rs 1000, however, the government is yet to prescribe the exact amount.
Further, once the PAN becomes inoperative, then an individual will not be able to conduct financial transactions wherever quoting of PAN is mandatory. If PAN is linked with Aadhaar after it has become inoperative then your PAN will become operative once again from the date of linking.
There are many financial transactions wherever quoting of PAN is mandatory. This includes at the time of filing income tax return, opening of a bank account, fixed deposit account etc.
Earlier, the law stated that if the PAN is not linked with Aadhaar, then PAN would become ‘invalid’, as if an individual never held the PAN. However, the rule regarding the consequences of not linking PAN with Aadhaar was revised in July 2019 Budget. The amendment in the law was done to protect the financial transactions undertaken prior to linking of the same.
How to link PAN with Aadhaar
There are three ways to link PAN with Aadhaar. These include: either by sending an SMS to 567678 or 56161, through the e-filing website, or manually by filling a specified form at a designated PAN service centre. If you are already filing ITR (income tax return), it is likely that your PAN is linked to Aadhaar.
- 1 RelatedPosts
- 2 SSC MTS Admit Card 2021 – Multi Tasking Staff Call Letter
- 3 Assam Police Constable All Previous Year Question Papers- With Solve Paper PDF Download
- 4 Assam ITI Admission 2021, Online Application @ Itiassam.Nic.In
- 5 APSC Previous Question Papers Download GS (Prelims) Question Paper 1998-2018
Disclaimer: AllJobAssam.com provides free educational & employment information to help job seekers. The information provided in AllJobAssam.com is collected from various sources across the web. We try to ensure, the provided information is accurate and useful. AllJobAsssam makes no warranty, representation or guarantee as to content, sequence, accuracy, timeliness, completeness, truthfulness and positioning of the information or the sources that the information may be relied upon for any reason. AllJobAssam.com will not be responsible for any errors or omission in this website and reserve the right to make changes without notice. In particular but without limiting anything here, we disclaim any responsibility for typographical errors and accuracy of the information that is contained in this site.