In a major decision, the date for linking PAN and Aadhaar has been extended. Sources said this has been done to provide some more time to the taxpayers.
As per the revised timeline, the deadline to link PAN-Aadhaar has been extended till June 30, 2023.
As per the latest notification, persons can now intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions.
The provisions of Income-tax Act, 1961(the ‘Act’) stipulates that every person, who has been allotted a PAN as on 1st July, 2017 and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before March 31, 2023, on payment of a prescribed fee.
“Failure to do so shall attract certain repercussions under the Act w.e.f. 1st April, 2023. The date for intimating Aadhaar to the prescribed authority for the purpose of linking PAN and Aadhaar has now been extended to 30th June, 2023,” the latest notice read.
From July 1, 2023, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative, reported PIB.
The consequences during the period that PAN remains inoperative will be as follows:
No refund shall be made against such PANs;
Interest shall not be payable on such refund for the period during which PAN remains inoperative;
TDS and TCS shall be deducted /collected at higher rate, as provided in the Act.
The PAN can be made operative again in 30 days, upon intimation of Aadhaar to the prescribed authority after payment of fee of Rs.1,000.