A PAN card is absolutely necessary for all financial transactions. Every person in the nation is given a PAN card, a unique number that makes it simple for them to do large financial transactions. Now, though, it’s critical for people to understand a specific fact about PAN cards; otherwise, a fine may also need to be paid. Only individuals who have not yet linked their PAN card and Aadhaar card will be required to pay this fine.
PAN card will be turned off.
In actuality, you must link your Permanent Account Number (PAN) and Aadhaar number in accordance with the existing regulations. The Central Board of Direct Taxes (CBDT) warns that if both PAN cards are not linked, they may become “inoperative.” You won’t be able to conduct financial transactions as a result. People can still link their PAN and Aadhaar cards even though the deadline for doing so without paying the fine has passed by paying a fine of Rs 1,000.
How can I pay the fine for tying my PAN and Aadhaar on the income tax website?
A 1000 rupee fine must be paid by everyone who wants to link their PAN and Aadhaar at this time. This can be done by making the payment on the NSDL portal using the challan number ITNS 280. On the Tax Information Network website (other receipts), late fees may be paid using challan number ITNS 280 with major head 0021 (income tax other than companies) and minor head 500.
Even though this is the final day, the Income Tax Department has
already extended the deadline for tying Aadhaar to PAN cards. To prevent the PAN card from going inactive, taxpayers who have not yet linked their Aadhaar with PAN are urged to do so by June 30, 2023. Every person in India is required to link their two identity cards by the income tax department.
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