The deadline to link Permanent Account Number (PAN) and Aadhaar number, with a fine of Rs 1,000 will end on March 31, 2023. Linking the two is mandatory for availing certain services. According to the Central Board of Direct Taxes (CBDT), if the users fail to link the two by the stipulated deadline, their PAN cards may become 'inoperative'. As a result, individuals will not be able to conduct financial transactions.
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Here are the services that will be impacted in case PAN is not linked with Aadhaar:
ITR returns will not be processed
While income tax returns can be filed even without linking the two, the department does not process the returns until PAN and Aadhaar are linked.
Bank account savings will be impacted
This will also lead to an individual’s KYC being incomplete as a PAN card is one of the necessary documents required for the completion of KYC. This will, in turn, impact one's bank account savings.
Additionally, if the individual earns interest on savings above Rs 10,000, then the tax deducted at source (TDS) rate levied will be 20 percent as TDS levied on a bank account without a PAN card is doubled.
How to link PAN card and Aadhaar?
An Aadhaar number can be linked with a Permanent Account Number (PAN) online. People can visit the official e-filing website of the Income Tax (I-T) Department to link the two. Those who are not comfortable linking the PAN card with Aadhaar online can do it offline as well through PAN services centres of NSDL and UTITSL.
How to pay PAN-Aadhaar linking late fees?
For paying Rs 1,000 as fine, users need to visit the National Securities Depository Limited (NSDL) portal and pay amount under Challan No. ITNS 280 with Major head 0021 (Income Tax Other than Companies) and Minor head 500 (Other Receipts).
Here is a step-by-step process on the same:
Step 1: Visit the official e-filing website of the Income Tax (I-T) Department to link the two. When it asks for payment, click on the link and users will be redirected to NSDL website.
Step 2: Under the options available, proceed under Challan No. ITNS 280 to submit PAN-Aadhaar link request
Step 3: Select the tax applicable from there. The payment should be done under Major head 0021 (Income Tax Other than Companies) and Minor head 500 (Other Receipts) in a single challan
Step 4: Select the preferred payment mode and enter details
Step 6: Enter PAN, address and assessment year
Step 7: Enter the Captcha and make payment
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