New Update for Pan Aadhaar
People who were unable to connect their PAN with Aadhaar after paying the penalty on June 30, 2023, the deadline for doing so, have received relief from the Income Tax Department.
People who were unable to connect their PAN with Aadhaar after paying the penalty on June 30, 2023, the deadline for doing so, have received relief from the Income Tax Department. The Income Tax Department has clarified the PAN-Aadhaar connection process. According to a tweet from the Income Tax Department, people who have paid a fine and obtained permission to link their PAN with Aadhaar but have not done so by June 30, 2023, would be taken into consideration.
Please take note, according to the Income Tax Department, PAN holders! After paying the price for the Aadhaar-PAN linkage, PAN holders have occasionally had trouble downloading the challan. In this regard, it is advised that after logging in, the ‘epay tax’ option on the site can be used to monitor the progress of challan payments.
The PAN holder can proceed to link their PAN with their Aadhaar if the payment is successful. Challan receipt is not required in order to integrate PAN with Aadhaar. Furthermore, an email with a copy of the challan attached is already being sent to the PAN holder as soon as the payment is successfully completed.
The Income Tax Department will consider penalty depositors The Income Tax Department has stated that such instances will be properly reviewed by the department if consent for fee payment and linkage has been obtained, but linking has not been completed by June 30, 2023. The law to link PAN with Aadhaar has been in force since 2017. In July 1, 2017, the Income Tax Act went into effect, allowing PAN and Aadhaar to be linked. The deadline for integrating PAN with Aadhaar has been postponed numerous times since then. In addition, the government included section 234H in Budget 2021 to introduce penalties for linking PAN and Aadhaar after the cutoff date. Up until March 31, 2022, there was no penalty for linking it. Between April 1, 2022, and June 2022, a punishment of Rs 500 was to be enforced for associating PAN with Aadhaar. A penalty of Rs 1,000 has been implemented for associating PAN with Aadhaar if it occurs on or after July 1, 2022. What if PAN is not linked:- Keep in mind that if PAN is not connected to Aadhaar by June 30, 2023, PAN would expire, according to the Income Tax Department. There will be no income tax refund if the PAN expires. Higher TDS and TCS are applied to income and outlays. Users will have trouble purchasing and selling real estate as well as conducting bank transactions and creating new accounts. They also won't be able to invest in bank FDs, mutual fund schemes, etc.