New section added regarding PAN-Aadhaar link, hefty fine will be imposed after June 30

New section added regarding PAN-Aadhaar link, hefty fine will be imposed after June 30

PAN-Aadhaar Linking Deadline: The last date to link PAN number with Aadhaar is 30 June 2021. If you have not linked your PAN number with Aadhaar yet, then this is your last chance. It is mandatory to link PAN-Aadhaar among themselves (PAN-Aadhaar linking last date). Otherwise, the PAN card will be invalidated. Financial transactions will not be done through inoperative PAN, where PAN is required to be shown. Along with this, you will also have to pay a fine of up to 1000 rupees.

New provision of fine of 1000 rupees

According to the Finance Bill introduced in Parliament, another new section has been added to the Income Tax Act. It has been linked only with the PAN-Aadhaar link. If PAN-Aadhaar is not linked with Section 234H added in the Income Tax Act 1961, an additional fine of Rs 1000 will have to be paid. Under the new provision added in the Income Tax Act, the government will decide the amount of penalty for non-linking of PAN and Aadhaar by the specified deadline. This fine shall not exceed 1000 rupees.

Penalty of Rs 10000

If PAN-Aadhaar is not linked, the PAN card will be declared invalid. If any person uses an invalid PAN card in any financial transaction, then a penalty of Rs 10000 will be imposed on him. Not only this, if the canceled PAN card is used for the second time, then the penalty amount can also be higher. The Income Tax Officer will have the right to fix this penalty. Under section 272B of the Income Tax Act, a penalty of Rs 10,000 can be imposed.

Why it is necessary to link PAN-Aadhaar

Under section 139AA, every citizen will have to provide Aadhaar number in the application for making income tax return and PAN card. At the same time, it is necessary to link PAN with Aadhaar for those who had been allotted PAN till July 1, 2017 and who are eligible to get an Aadhaar number.

How to link PAN with Aadhaar

  • To link PAN-Aadhaar, visit the Income Tax e-filing website.
  • On the left side of the site page, you will get the option of Quick Links. Here you have to click on the ‘Link Aadhaar’ option.
  • Here you have to enter your PAN, Aadhar number and name. After giving this information, an OTP will be sent to you.
  • After entering the OTP, your Aadhaar and PAN will be linked.
  • Keep in mind that the Income Tax Department crosschecks your details whether your Aadhaar and PAN information is valid or not.

Link your PAN card through SMS

You can also link Aadhaar with PAN card from mobile (PAN-Aadhaar link). You have to link Aadhaar with your PAN through SMS. The Income Tax Department said that Aadhaar can be linked with PAN by sending SMS to 567678 or 56161…Read more>>

Source:-businessleague

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