PAN-Aadhaar link: You will have to pay double penalty from next month
Premium- PAN-Aadhaar link: Furnishing an invalid PAN card may lead to penalty up to ₹10,000
PAN-Aadhaar link: Deadline for Aadhaar PAN link is ending on 30th June 2022. Earlier, the deadline was 31st March 2022 but it was extended up to 30th June 2022 with a late fine of ₹500. However, if a PAN card holder fails to sees his Aadhaar number with its PAN card, then in that case he or she will have to pay ₹1,000 as late fine for PAN Aadhaar linking. As per the newly inserted Section 234H of Income Tax Act (in March 2021 via Finance Bill), non-linking of PAN with Aadhaar by March 31 would attract penalty of up to ₹1,000, but such PAN cards will remain functional for one more year till March 2023 or FY2022-23, for filing ITR, claiming refunds and other I-T procedures.
PAN-Aadhaar link: Late fee till June-end
According to the Central Board of Direct Taxes (CBDT) circular, those who link their PAN with 12-digit unique UIDAI number after 31st March 2022 but before 30th June 2022, would require to pay a late fee of ₹500.
PAN-Aadhaar link: Late fee from 1st July
As per the CBDT circular, those who fail to seed their PAN with Aadhaar number by June-end, they will have to pay ₹1,000 penalty to get their PAN linked with Aadhaar number. One can link PAN and Aadhaar after paying the late fee.
How to pay the late fee
Fees to be paid by Challan No ITNS 280 with Major head 0021 (Income Tax Other than Companies) & Minor head 500 (Fee), says income tax department of India's official twitter handle.
See income tax department's tweet below:
PAN Aadhaar link: Penalty and other losses
Your PAN card may become inoperative if you don't link your PAN with your Aadhaar number. The problem of the PAN card holder won't end here only as the individual won't be able to invest in mutual funds, stocks, open a bank account, etc. where furnishing a PAN card is must. Apart from this, if the person furnishes the PAN Card, which is no more valid, then under Section 272B of the Income Tax Act 1961, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees.
How to link PAN with Aadhaar
1] Login at the official website of income tax India www.incometax.gov.in;
2] Select the Link Aadhaar option under the quick links section. Uou will be redirected to a new window;
3] Enter your PAN number details, Aadhar card details, name and mobile number;
4] Select 'I validate my Aadhaar details' option and choose the 'Continue' option.
On your registered mobile number, you will receive a one-time password (OTP). Fill in the blanks on the screen, then click 'Validate.' After you pay the penalty, your PAN and Aadhaar will be linked.