Urgent Reminder: Link PAN with Aadhaar by June 30 to Avoid Deactivation and Penalties

Deadline Approaching: Only 2 days left to link PAN with Aadhaar before the June 30, 2023 cutoff.

Ensure Compliance: Failure to link PAN with Aadhaar will result in PAN deactivation, restricting various financial transactions and tax-related activities.

Resolve Information Discrepancies: If facing difficulties in PAN-Aadhaar linking due to information discrepancies, update the relevant details in both documents.

Online and Offline Options: Update Aadhaar and PAN information online through authorized channels or visit Aadhaar and PAN service providers in person.

Inoperative PAN: Starting July 1, an unlinked PAN will become inoperative, leading to issues with tax processing, returns, refunds, and financial transactions.

Fine for Late Linking: To link PAN with Aadhaar after the deadline, a penalty of ?1,000 needs to be paid on the NSDL portal.

Tax Return Processing: The Income Tax department will not process tax returns until PAN and Aadhaar are linked, emphasizing the importance of timely action.

Consequences of Non-Compliance: Inoperative PAN can impact filing returns, pending proceedings, tax deductions, and financial interactions, causing potential challenges with banks and financial platforms.

Penalty for Non-Quoting of PAN: As per the Income Tax Act, failure to quote PAN when required can result in a penalty of ?10,000 for each instance of non-compliance.