Hurry up! Get the page-based link otherwise you will have to pay such a fine, know what the income tax department says?
The Income-tax department has said that a penalty of Rs 1,000 will have to be paid for non-linking of Pan-Aadhaar by March 31. The two can now be linked for free till March 31. You will then have the opportunity to link until 31 June 2022. If you link Pan and Aadhaar by June 30, you will have to pay a penalty of Rs.500 (Pan-Aadhaar Non-Link Penalty). There will then be a penalty of Rs.1000 for linking. According to the tax department, a fine of Rs 1,000 will be levied for not linking the two by March 31, but the PAN card will not be closed. It will continue till March 2023 for one year after March 31, so that income tax return can be filed.
Even if the Aadhaar-Pan link is not received by March 31 for income tax refund or tax related work, the PAN card will remain active till March 2023. Earlier, the income tax department had extended the linking date several times. The deadline is March 31, 2022. Then till June 31 you can attach it with a fine of Rs.500. You will then have to pay a fine of Rs.1000 for the link. In this case, the page will only be valid until March 2023. Late penalty of Rs.500 and Rs.10 will be charged by the tax department. According to the tax department, there will be no fee for page-based linking till March 31. But the two papers cannot be combined without paying the fine later.
43.34 crore PAN cards were linked to Aadhaar. According to a statistic, as on January 24, 2022, 43.34 crore PAN cards have been linked to Aadhaar. 131 crore Aadhaar cards have been issued in the country so far. Linking to page support will prevent the issuance of duplicate pages and tax evasion. Amit Maheshwari, tax partner at AKM Global, said, “Taxpayers should go to the income tax portal and check if there is a page-based link.
Neeraj Agarwal, partner at Nangia Anderson LLP, says PAN cards are issued for many purposes, such as opening a bank account, buying real estate or an identity card. If the leaf is not attached to the base, it will have serious consequences if it is closed. Such people have to face many problems. Agarwal said, "Once your page is deactivated, you will be banned from conducting financial transactions (where it is mandatory to refer to the page like Mutual Funds), will be fined at higher rates under TDS and Section 272-B." The linking process for them is also made available via SMS.
