New Delhi: There is just one week left for linking your Permanent Account Number (PAN) with Aadhaar, failing which, this will happen:
- You will be subject to all of the Act’s penalties for failing to provide, notify, or cite your PAN.
- Your PAN will stop working and any treatments that need a PAN will be stopped.
- The PAN will be operational again upon intimation of the Aadhaar to the prescribed authority after payment of a prescribed fee.
- If your PAN becomes inoperative then you will not be able to file Income Tax Returns.
- Pending ITRs and Income Tax refunds will not be processed.
- Individuals filing ITRs without PAN are required to pay taxes at a higher rate.
- Even in securities markets, having a valid PAN is mandatory for all participants, according to SEBI regulations.
Aadhaar-PAN Link – Fee & Penalty
As of now, individuals will have to pay a fine of Rs 1000 for linking PAN-Aadhaar. Till June 30, 2022, this penalty was Rs 500 which was doubled from July 1, 2022 onwards.
Linking your PAN-Aadhaar by yourself? Follow these steps
Step 1: Visit the Income Tax e-filing website – https://www.incometax.gov.in/.
Step 2: Find the option of ‘Quick Links’, available on the left side of the homepage page.
Step 3: Click on the ‘Link Aadhaar’ option.
Step 4: Enter the required details – PAN card number, Aadhar number and name.
Step 5: After giving this information, an OTP will be sent to you.
Step 6: Entering the OTP,
Step 7: Your Aadhaar and PAN will be linked.