Out of a total of 61 crore Permanent Account Number (PAN), about 48 crore have so far been linked to the unique identification number Aadhaar. People who do not do this till March 31, will not be able to get benefits in business and tax related activities.
Out of a total of 61 crore Permanent Account Number (PAN), about 48 crore have so far been linked to the unique identification number Aadhaar. People who do not do this till March 31, will not be able to get benefits in business and tax related activities. Nitin Gupta, Chairperson of the Central Board of Direct Taxes (CBDT) gave this information. He said that several crore PANs have not been linked to Aadhaar even now, but this work is also expected to be completed by the end of March 31.
What if I don’t link?
According to Money9’s report, the government has made it mandatory to link PAN with Aadhaar. For this, setting a deadline of March 31, 2023, it has been said that individual PANs not linked to Aadhaar will be declared inactive after this date. Along with this, the government has said that from the present time to March 31, a fee of Rs 1,000 will have to be paid to link PAN with Aadhaar.
The CBDT chief said that several awareness campaigns have been conducted regarding linking of PAN with Aadhaar and they have extended this deadline several times. He further said that if Aadhaar is not linked to PAN by the stipulated time, then that holder will not be able to get the tax benefit, because his PAN itself will not be valid after March.
Will not be able to file income tax return
The CBDT has made it clear in a statement issued last year that once the PAN becomes inactive, the person concerned will have to face all the consequences prescribed under the Income Tax Act. This includes situations like non-filing of income tax returns and non-processing of pending returns. Along with this, he said that the budget announcement of making PAN a common identification will be beneficial for the business world.
Finance Minister Nirmala Sitharaman has announced in the budget that business establishments will now be able to use PAN as a common identification in the digital systems of government agencies.