PAN-Aadhaar linking Deadline is 31 March, Complete these Important money tasks by March end
PAN-Aadhaar Link: The window for linking PAN cards with Aadhaar cards has been frequently extended over the past few months by the income tax department. According to the income tax authorities, PAN card holders will be left with an invalid PAN if they don't link their PAN card with their Aadhaar card by March 31, 2023.
What is the Fine for Not Linking PAN Card with Aadhaar Card?
A charge of Rs 500 has to be paid if the notification was issued between April 1 and June 30, 2022. The I-T department then declared that there will be a Rs 1,000 fine for linking Aadhaar and PAN. As a result, you still have time to link your Aadhaar and PAN cards before a Rs. 1,000 fee renders your PAN useless.
Why it is important to connect PAN with Aadhaar?
The PAN-Aadhaar connection is essentially the process of doing so since the government has mandated that your Permanent Account Number (PAN) and Aadhaar number be linked.
Urgent Notice!
— Income Tax India (@IncomeTaxIndia) February 28, 2023
As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not come under the exempt category, to link their PAN with Aadhaar before 31.3.2023.
From 1.04.2023, the unlinked PAN shall become inoperative.
Please don’t delay, link it today! pic.twitter.com/YsysxzUjEJ
Penalty of not linking PAN with Aadhaar
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PAN Card becomes inoperative
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Without PAN, you can't be able to file ITR-
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Pending returns will not be cleared-
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You can't get pending refunds
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You also have to pay higher taxes
5 Money Tasks to be Done Before March 31
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PAN-Aadhaar linking- PAN-Aadhaar linking is free till 31st March 2023 while from 1st April 2023, it would incur PAN Aadhaar link fee of ₹1,000.
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Submission of updated ITR- The last date for submission of updated ITR for FY 2019-20 or AY 2020-21 is 31st March 2023.
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Advance tax payment: As per the Income Tax Department, the last instalment of advance tax for FY23 must be submitted by 15th March 2023.
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Tax Saving Investment- Because March 31 also marks the end of the fiscal year, individuals with yearly incomes that exceed the basic income tax bracket can consider Public Provident Funds (PPF), ELSS Mutual Funds, tax-saving bank FDs, etc.
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Tax saving insurance- According to a new income tax law that will go into effect on April 1, 2023, proceeds from life insurance policies that exceed a $5 lakh yearly premium would be subject to taxation. But, if you purchase an insurance policy with a yearly premium of more than 5 lakh rupees before or on March 31, 2023, you would not be subject to the new income tax law.
