WHAT ARE THE CIRCUMSTANCES, IF YOU ARE NOT LINKING YOUR AADHAR WITH PAN BY 31ST MARCH'23?

Link of PAN with Aadhar is mandatory in India from the long time. The deadline has been extended many a times. Now, 31st March'23 is the last date of said compliance with fine of Rs 1000/-.

If a person do not link his PAN with Aadhaar by the deadline, there could be several consequences:-

1.) Filing of Income Tax may become challenging:- If the PAN and Aadhaar are not linked. Your ITR may be rejected by the Income Tax Department. The IT Department might also prevent you from filing your ITR, potentially hindering your ability to receive a tax refund.

2.) Person with Non compliance may not use some of Government Services:- such as obtaining Subsidies (Like LPG gas Cylinder Subsidy), applying for a Passport, and opening a Bank Account. If the two documents are not linked, it may be problematic when attempting to make use of these services.

3.) Disallowance of certain deductions: If PAN is not link with Aadhaar, certain tax deductions claimed by the Taxpayer, such as deductions under Section 80C, 80D, and 10(10D), may be disallowed by the Income Tax Department.

4.) Pending Tax Cases: Pending returns will not be processed, Pending refunds cannot be issued and Pending proceedings cannot be further heard, as in the case of defective returns cannot be completed.

5.) Unable to operate Bank Accounts, Demat Account, and Mutual Funds:- The person with non compliance may not be able to transact to his Bank accounts, Demat Accounts, and Mutual Funds.

6.) Unable to get Loans:- The non compliance may also attract rejection of Loan, and cancellation of your existing Credit cards.

Aadhaar-PAN link requirement does not apply to any individual who is:

I) Residing in the States of Assam, Jammu and Kashmir, and Meghalaya

II) A non-resident as per the Income-tax Act, 1961, if the age of eighty years or more during the previous year

III) Not a citizen of India.

It is highly advisable to link your Aadhar with PAN, because Modi ji is active this time, and Govt. is not going to reduce the fine of Rs. 1000/-, so link your PAN with Aadhar, now.

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