Last Updated on March 29, 2023 by Ravi Sankar Robbi
Central Board of Direct Taxes (CBDT) has extended the last date for linking your Aadhaar with PAN to 30th June 2023 vide notification no. 15/2023 dated 28th March 2023. However, there is NO waiver for the late fee of Rs. 1,000.
In this article, let’s understand 3 things that you should know about PAN – Aadhaar linking.
1. Mandatory for all
PAN – Aadhaar linking is mandatory for everyone who is holding a valid PAN. So, if you are having PAN, then linking the same with Aadhaar is compulsory irrespective of
(i) your income and
(ii) whether you are liable to file Income Tax Returns (ITR) or not.
2. Who are exempted
However, for the following persons such linking is NOT mandatory. If they wish to do it voluntarily, they may do so.
- Residents of Jammu and Kashmir, Assam & Meghalaya
- Individuals whose age is 80 years or more &
- An individual who is not a Citizen of India
3. Consequences of Non-linking
If you are unable to link them before the due date (i.e. 30th June 2023), your PAN will become inoperative from 1st July 2023 and hence you are liable for the following consequences.
- No refund for the inoperative period
- If eligible for refunds, no interest shall be payable for the period during which PAN becomes inoperative
- TDS/TCS will be done at a higher rate
So if you are yet to link your PAN & Aadhaar, make use of this extended period and ensure to get it done to avoid your PAN becoming inoperative.
Hope you have enjoyed reading the article. Thank you for your time.
Author is a Qualified CMA with an experience of more than 8 years in the industry. He is also an All India Rank holder in both Inter (AIR-26) & Final (AIR-46) examinations of ICAI. He loves to writes articles on Income Tax & GST.