The PAN of taxpayers who fail to link their Aadhaar by April 1, 2023 would be subject to all penalties under the Income Tax Act for failing to provide, notify, or mention their PAN, the CBDT has repeatedly reminded.
You won’t be able to conduct financial transactions (like those involving mutual funds) once your PAN expires, and you’ll also be subject to higher TDS rates and a fine under section 272B.
Last year, the Income Tax Department stated that failure to link a PAN with an Aadhaar by March 31 could result in a penalty of up to Rs 1,000; however, such a PAN would continue to be usable for one more year, until March 2023, for the purposes of filing ITRs, requesting refunds, and other I-T procedures.
Considering that the CBDT had on several occassions in the past had extended the deadline for linking PAN with Aadhaar, several PAN card holders are curious to know if this time too the Tax Body will extend the deadline further or not.
Amit Gupta, MD, SAG Infotech told Zee Media, “The administration has previously repeatedly postponed the date for PAN-Aadhaar linking, despite the necessity of this requirement. The most recent communication from the income tax department was comprehensive, and it significantly increased awareness of the necessity to integrate PAN and Aadhaar. As a result, I think it is unlikely that the date for integrating PAN and Aadhaar would be postponed in the future.”
Meanwhile, if you think that your PAN might be linked with your Aadhaar already, you can check this direct link to know the status.
If you have not yet linked your Aadhaar card with PAN, you can follow the process online
1. In order to link PAN and Aadhaar cards, tax payers have to first register on the Income tax e-Filing portal
2. Log in to the e-Filing portal of the Income Tax Department by entering the log-in ID, password and date of birth
3. After punching in the details, you will also have to feed in a code
4. On logging in to the site, a pop up window will appear, prompting you to link your PAN card with Aadhaar card
5. If not, you can go to Profile setting and opt the “Link Aadhaar” button
6. Punch in the details such as name, date of birth and gender. It will be already mentioned by you during registration on the e-Filing portal
7. Verify the details on screen with the ones mentioned on your Aadhaar card
8. If the details match, enter your Aadhaar card number and click on the “link now” button
9. You will get the message that your Aadhaar card has been successfully linked to your PAN card