Last date for exchanging Rs 2,000 notes today! What after the deadline?
It was however anticipated that the central bank would increase the deadline further, but nothing was heard from the bank on the same.
In order to provide some more time to taxpayers, the date for linking PAN and Aadhaar has been extended to 30 June 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions, the government said on Tuesday.
Under the provisions of the Income-tax Act, 1961 (the ‘Act’) every person who has been allotted a PAN as on 1 July 2017 and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before 31 March 2023, on payment of a prescribed fee.
Failure to do so shall attract certain repercussions under the Act w.e.f. 1 April 2023. The date for intimating Aadhaar to the prescribed authority for the purpose of linking PAN and Aadhaar has now been extended to 30 June 2023.
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From 1 July 2023, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative.
The consequences during the period that PAN remains inoperative will be that no refund shall be made against such PANs; interest shall not be payable on such refund for the period during which PAN remains inoperative; and TDS and TCS shall be deducted/collected at higher rate, as provided in the act.
The PAN can be made operative again in 30 days, upon intimation of Aadhaar to the prescribed authority after payment of a fee of Rs.1,000.
Those persons who have been exempted from PAN-Aadhaar linking will not be liable for the consequences. This category includes those residing in specified states, a non-resident as per the act, an individual who is not a citizen of India, or individuals of the age of eighty years or more at any time during the previous year.
More than 51 crore PANs have already been linked with Aadhaar to date.
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