PAN Aadhaar Linking: The last date to link PAN Aadhaar by paying a lower amount of penalty is here and up to June 30, those who have not linked them yet should do it by today to avoid paying double the amount. The Central Board of Direct Taxes extended the last date to link Aadhaar PAN to March 31, 2023 but it comes with a price. Those who will link it by June 30, Thursday, will have to pay a fine of Rs 500 and beyond that, the PAN Aadhaar linking penalty will double.
How to Check if My PAN is Linked With Aadhaar?
You can check the status of your PAN Aadhaar linking on the Income Tax department’s official website. Here is how:
i) Go the official site of income tax department — www.incometax.gov.in.
ii) Click on the Quick Links option. There, you will find an option to check ‘Link Aadhaar Status’. You need to click on that.
iii) After this, you will see a new screen on your computer or mobile. Here, you have to enter your PAN and Aadhaar numbers.
iv) Once you fill the details, click on ‘View Link Aadhaar Status’.
v) The status of your Aadhaar-PAN will be displayed on the page. Example: Your PAN (PAN Aadhaar) is linked to Aadhaar number (Aadhaar Number) if they are linked.
How will PAN-Aadhaar Linking Help the Common Man?
The Aadhaar PAN linking rule has mainly been implemented so that there are fewer tax evasions. If the government gets more revenue, it will, in the long run use that money for the welfare of the country, which will in turn benefit the common people.
“The PAN-Aadhaar linkage, with its intent being to prevent concealing taxable income and tax evasion, will increase the government’s revenue, and this may in the long run persuade the government to introduce lower tax rates. The government will also be able to introduce and effectively implement targeted benefit schemes,” said Sharath Chandrasekhar, partner at DSK Legal.
“Further, it will considerably simplify the filing/ authentication of income tax returns for taxpayers and ease the KYC process with respect to opening of bank accounts and trading accounts, and also completing the linkage will also permit individuals to undertake transactions that he/ she cannot undertake if not for the linkage,” Chandrasekhar told news18.com.
What if I Don’t Link PAN Aadhaar by Today?
After June 30, a late fee of Rs 1,000 is to be paid by those who are linking their Aadhaar PAN. One must note that this task has to be done before March 31 next year to avoid getting their PAN inoperative, which is crucial in several tasks like filing taxes. “The individuals (being eligible to receive the Aadhaar number) who link their Aadhaar to PAN by June 30, 2022 (i.e. after March 31, 2022) will have to pay a late fee of Rs. 500 for the linking, and those who link their Aadhaar to PAN after June 30, 2022 will have to pay a late fee of Rs. 1,000,” said Chandrasekhar.
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