PAN & Aadhar Link: Know Process And Penalty

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.