Tag: Holders

The government has made it mandatory to link PAN with Aadhaar. For this, the deadline of March 31, 2023 has been fixed. Out of the total 61 crore PANs, about 48 crore have been linked with Aadhaar so far and those who have not done so by March 31, will not be able to get benefits in business and tax related activities.

Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta said on Sunday that several crore PANs have not yet been linked to Aadhaar, but this work is expected to be completed by the end of the March 31 deadline.

Individual PANs not linked with Aadhaar will be declared inactive after March 31, 2023. Individual PANs not linked with Aadhaar will be declared inactive after this date. Along with this, the government has said that from the present time to March 31, a fee of Rs 1,000 will have to be paid to link PAN with Aadhaar.

Several awareness campaigns were conducted regarding linking of PAN with Aadhaar, the
CBDT Chief said, “Many awareness campaigns have been conducted regarding linking of PAN with Aadhaar and we have extended this deadline several times. If Aadhaar is not linked to PAN by the stipulated time, then that holder will not be able to get tax benefits as his PAN itself will not be valid after March.

The CBDT has made it clear in a circular issued last year that once the PAN becomes inactive, the person concerned will have to face all the consequences prescribed under the Income Tax Act. This includes situations like non-filing of income tax returns and non-processing of pending returns.

Along with the announcement of making PAN a common identifier, he said that the budget announcement to make PAN a common identifier will be beneficial for the business world. Finance Minister Nirmala Sitharaman has announced in the budget that business establishments will now be able to use PAN as a common identifier in the digital system of government agencies.