Time Extension For Pan Aadhaar Link In Santa Clara
Description
Form popularity
FAQ
If the PAN-Aadhaar linking is not done within 30th June 2023, the PAN card will become inoperative from 1st July 2023. However, if they are not linked and your PAN card is inoperative, you can still link it with your Aadhaar after paying the penalty of Rs.1,000 and activate your PAN card.
If the seller's PAN is unavailable or inoperative (not linked to Aadhaar), the TDS rate for the buyer shoots up to 20%.
Does NRI need to link PAN with Aadhaar? Linking is not mandatory for all NRIs. However, it benefits those who file Indian income tax returns, open bank accounts, or conduct certain financial transactions in India.
Subsequently, the IT department extended the last date to link PAN-Aadhaar to 30th June 2023.
The IT department issued a circular that it is mandatory for all PAN-holders (except those who fall under the exempt category) to link their PAN-Aadhaar within 30th June 2023. Initially, the IT department mandated to link PAN-Aadhaar by 31st March 2022 and then extended it to 30th June 2022.
PAN will become inoperative from 1st July 2023 if it is not linked with Aadhaar. However, you can still link your PAN with Aadhaar by paying a penalty of Rs.1,000. The Income Tax Department has issued a reminder to taxpayers to link their PAN with Aadhaar by 31st May 2024 if they have not yet linked them.
If you haven't linked your PAN with Aadhaar till now, your PAN is now considered inoperative. This means you won't be able to use your inoperative PAN in situations where it's necessary to provide one.
If PAN is not linked with Aadhaar by the deadline, the PAN card becomes inoperative. This means that: No refunds will be made against such PANs. TDS (Tax Deduction at Source) and TCS (Tax Collection at Source) will be deducted/collected at a higher rate.
The Indian government and the Central Board of Direct Taxes (CBDT) have set May 31st, 2024, as the last date to link PAN with Aadhaar.
