Out of a total of 61 crore Permanent Account Number (PAN), about 48 crore have so far been linked to the Unique Identification Number Aadhaar and those who have not done so by March 31 will not be able to get benefits in business and tax related activities.Central Direct Taxes Board (CBDT) Chairperson Nitin Gupta gave this information. He said that several crore PANs have not been linked to Aadhaar even now, but this work is also expected to be completed by the end of March 31.
The government has made it mandatory to link PAN with Aadhaar. For this, setting a deadline of March 31, 2023, it has been said that individual PANs not linked to 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.
In an interview to news agency PTI after the budget, Gupta said, “So far about 61 crore individual PANs have been issued and out of this about 48 crore have been linked with Aadhaar.” The difference is now around 13 crores, including the exempted category. We hope that the rest will also be added by the last date.
The CBDT chief said, “Several 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, because 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 inoperative, the concerned person 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 this, 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 systems of government agencies.
According to news agency PTI, a circular issued by the CBDT on March 30, 2022 said that once the PAN becomes inoperative, a person will be liable for all the consequences under the Act (IT Act) and will face a number of implications. have to face
“Apart from the above, taxpayers may face difficulties at various fora such as banks and other financial portals, as PAN is one of the important KYC (Know Your Customer) norms for all types of financial transactions,” the circular said. is one of the.
However, certain categories of taxpayers are exempted from linking of PAN with Aadhaar.
According to a notification issued by the Union Finance Ministry in May 2017, this ‘exempted category’ includes persons who reside in Assam, Jammu and Kashmir and Meghalaya; a non-resident as per the Income-tax Act, 1961; Includes those aged 80 years or more at any time during the previous year.
The Central Board of Direct Taxes (CBDT) formulates the policy for the Income Tax Department, while Aadhaar is issued by the Unique Identification Authority of India (UIDAI) to a resident of India, while PAN is allotted by the Income Tax Department to an individual, firm or entity. -A digit is a card with an alphanumeric number.