The government has given time till 31st March 2021 to connect the PAN with Aadhaar. If your Aadhaar is not linked with PAN till the last date given by the government, you will have to pay a fine of Rs 1,000. This is due to Section 234H of the Income Tax Act, 1961 enacted under the Finance Bill 2021, passed in the Lok Sabha on March 23.
According to a new section added by the government, a maximum of Rs 1,000 will be charged for not linking PAN with Aadhaar till the last date. Currently, the last date to link Aadhaar with PAN is the end date of the current financial year, ie March 31, 2021.
The pan will be deactivated
If a person does not link his PAN to Aadhaar within the last date, his PAN becomes inactive. This means that PAN cannot be used in financial transactions after the due date. That is, where the pan is needed, it cannot be used. It is open to all types of banking transactions, mutual funds, demat accounts, new bank accounts. You will not be able to do all these things without a pan
No longer expected to extend the date
Tax experts say that since the budget proposals are to come into effect from April 1, 2021, there is no expectation of extending the PAN linking date with Aadhaar. In such a situation, the time limit is not likely to increase. If you do not link the PAN to Aadhaar by 31 March 2021, you are responsible for paying the penalty. You get a maximum of Rs 1,000.
TDS has to pay more
According to tax experts, a new section 234H has been added to Finance 2021. In such a case, if a person does not link his PAN to Aadhaar by March 31, 2021, then he will have to pay a fine of Rs. With this, the individual has to pay higher deductions on income source (TDS). According to the Income Tax Rule, banks or other institutions deduct more tax if a person does not provide his or her PAN details. The employer deducts TDS at your rate of 20% on your income.
Add the date is many times higher
So far, the government has extended the date of linking Aadhaar with PAN. In that case, if you have not yet linked your PAN with Aadhaar, you can link this work by sending a message to your registered mobile number. You can also add online through the official website of the Income Tax Department. You can also add your PAN to Aadhaar offline.
If Aadhaar is not lost, do not be upset, download it on mobile and understand it step by step
