The deadline for linking PAN and Aadhaar has been extended till June 30, 2023.
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The extension is to give taxpayers more time to comply with the government's requirements.
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CBDT announced that failure to comply with the mandate will lead to consequences under the Income-tax Act, 1961, from 1st April 2023.
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The linking process is mandatory for those who possess PAN allotted as of 1st July 2017 and are eligible to acquire an Aadhaar Number.
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The consequence of not linking Aadhaar and PAN by the deadline is the inoperative status of PAN.
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Inoperative PANs are not eligible for tax refunds and interest for the period the PAN remains inoperative.
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The rates for TDS and TCS will be charged at a higher rate.
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Individuals living in Assam, Jammu, Kashmir, and Meghalaya, non-resident Indians (NRIs), individuals above 80 years of age, and individuals who do not hold Indian citizenship are exempted from the linking process.
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A fine of Rs.1000 will be imposed for the linking process after the deadline.
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It may take up to 30 days to reactivate the PAN after the deadline.
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