PAN-Aadhaar Linking Deadline Postponed to June 30: What You Need to Know
PAN-Aadhaar Linking Deadline Postponed to June 30: What You Need to Know
In relief for taxpayers across India, the government has extended the deadline for linking PAN with Aadhaar to June 30, 2023. The earlier deadline was March 31, 2023. The decision was taken due to the ongoing COVID-19 pandemic, which has disrupted normal life and business activities.
What is PAN-Aadhaar Linking?
PAN (Permanent Account Number) is a unique identification number assigned to taxpayers in India by the Income Tax Department. Aadhaar is a 12-digit unique identification number issued by the Unique Identification Authority of India (UIDAI) to residents of India. PAN-Aadhaar linking is the process of linking these two identification numbers.
Why is PAN-Aadhaar Linking Important?
PAN-Aadhaar linking is important for several reasons. It helps to prevent tax evasion, fraud, and identity theft. It also helps to streamline the tax-filing process and makes it easier for taxpayers to comply with tax laws. Moreover, PAN-Aadhaar linking is mandatory for taxpayers, as per the Income Tax Act, of 1961.
What Happens if You Don't Link PAN with Aadhaar?
If you don't link your PAN with your Aadhaar, your PAN may become invalid. Moreover, you may face penalties for non-compliance with tax laws. Additionally, you may not be able to file your income tax returns, apply for loans or credit cards, or open bank accounts.
How to Link PAN with Aadhaar?
You can link your PAN with your Aadhaar in several ways. You can do it online, via SMS, or by visiting a PAN service center. To link your PAN with your Aadhaar online, you need to visit the income tax e-filing website and follow the instructions. To link your PAN with your Aadhaar via SMS, you need to send an SMS to 567678 or 56161 in the format UIDPAN<SPACE><12 digits Aadhaar number><SPACE><10 digit PAN>.
Conclusion
The extension of the PAN-Aadhaar linking deadline is a welcome relief for taxpayers across India. It gives them more time to comply with the mandatory requirement of linking their PAN with Aadhaar. However, taxpayers should not wait till the last minute to link their PAN with Aadhaar. They should do it as soon as possible to avoid any last-minute rush or penalties.
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