PAN-Aadhaar Link Deadline Approaching, Here Is What You Need To Know

The deadline for linking PAN and Aadhaar is approaching. Individuals who have yet to link their PAN and Aadhaar can do so till June 30. The Income Tax Act requires that PAN and Aadhaar be linked. After June 30, unlinked PAN will become invalid.

Penalty-

If you link your PAN to your Aadhaar card before June 30, 2022, you will be charged Rs.500. A fee of Rs.1,000 would be levied if the PAN-Aadhaar link is completed on or after July 1, 2022. The fees have now been disassembled into their constituent parts.

What happen if Aadhaar-PAN is not linked?

• If your PAN is not connected to your Aadhaar by June 30, it will be rendered inactive. A charge of Rs 1000 is required to link your PAN and Aadhaar.
• If you have an unlinked PAN, you will not get pending income tax refunds or interest on such refunds.
• TDS is deducted at a higher rate in the event of unlinked PAN.
• Furthermore, TCS is gathered at a higher rate when users have unlinked PAN.

Who is not eligible?

• Individuals residing in certain States, a non-resident as defined by the Act, an individual who is not a citizen of India, or individuals aged eighty years or older at any time during the previous year fall into this category.
• According to the Income Tax department, anyone who falls under one of the aforementioned categories can freely link their Aadhaar with their PAN.

Who is eligible?

According to Section 139AA of the Income Tax Act, anybody who was granted a permanent account number (PAN) as of July 1, 2017 and is eligible for an Aadhaar number shall report his Aadhaar number in the manner and form prescribed by law. Simply put, such persons are required to link their Aadhaar and PAN.

Where should PAN-Aadhaar be linked?

• You can link your PAN to Aadhaar by going to the income tax filing portal (https://www.incometax.gov.in/iec/foportal/) and following the on-screen instructions after selecting the "Link Aadhaar" option under the "Quick Links" section.
• The Income Tax Department extended the deadline for Aadhaar-PAN linking earlier this year. This time, no further extension of the deadline is anticipated. As a result, you should finish the linking process as quickly as possible.