PAN | Business Upturn

PAN will become inactive beginning with the next fiscal year if not linked to Aadhaar

Aryan Jakhar — Wed, 18 Jan 2023 03:52:34 +0000

Permanent account number (PAN) holders who have not connected their PAN number with Aadhaar would be unable to use it beginning with the following fiscal year, 1 April 2023. After the deadline, the ten-digit unique alphanumeric number will be rendered ineffective.

While the majority of PAN holders in the country have already done so, others have still to link their PAN to their Aadhaar.

“As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative. Link it before it’s too late. Don’t delay, link it today!” the tax department informed via a tweet.

As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023.
From 1.04.2023, the unlinked PAN shall become inoperative.

Urgent Notice. Don’t delay, link it today! pic.twitter.com/h7T6AAeDnc

— Income Tax India (@IncomeTaxIndia) January 17, 2023

What happens when PAN becomes inoperative

Once the PAN becomes inoperative, the individual will be unable to file an I-T return, pending returns will not be processed, pending refunds will not be granted, ongoing processes, such as in the case of faulty returns, will be unable to be finished, and tax will be deducted at a higher rate.

Here’s how PAN holders can link their PAN with Aadhaar

1) Go to “https://www.incometax.gov.in/iec/foportal/” and log in. ” and under the ‘Quick Links’ area, click on ‘Link Aadhaar option’.

2) Enter your PAN and Aadhaar number, then click ‘Validate’.

3) If your Aadhaar and PAN are already linked, you will see the statement ‘PAN is already linked with the Aadhaar’ on your screen.

4) If, on the other hand, your PAN is not connected to your Aadhaar and you have paid a challan on the NSDL Portal, the payment details will be authenticated by electronic filing. You will receive a pop-up message indicating that “Your payment information are validated” after validating PAN and Aadhaar.

5) After entering the required information, select the Link Aadhaar option and enter the 6-digit OTP obtained on your cell phone number.

6) You may now monitor the status of your Aadhaar-PAN link request after successfully submitting it.

7) If the payment details are not validated on the e-filing site and they have already paid the money on the NSDL portal, PAN holders must wait 4-5 working days before submitting the linkage request.

Income Tax department extends the deadline for linking Aadhaar card with PAN

News Desk — Sat, 18 Sep 2021 06:48:55 +0000

On Friday, the government extended the deadline for linking Aadhaar with Permanent Account Number (PAN) until March 31, 2022.

In a tweet, the income-tax (I-T) department informed that the last date has been similarly extended by 6 months on account of the demanding situations faced by people due to the COVID-19 pandemic. The Central Board of Direct Taxes (CBDT) stated in a launch that the selection to increase the deadline was taken in view of the complication confronted by “diverse stakeholders” due to the coronavirus disease (COVID-19) pandemic.

The Unique Identification Authority of India, or UIDAI, issues an Aadhaar card with a 12-digit unique identification number to Indian nationals. UIDAI says Aadhaar presents a single source of online and offline identification verifications throughout the country for the residents.

The foremost reason for Aadhaar, in keeping with the government, is to streamline the welfare delivery mechanism. Aadhar and PAN may be linked by sending SMS or through the new e-filing portal of the income tax department. The portal www.incometax.gov.in/iec/foportal has a ‘Link Aadhaar’ section on the list of services. Users can click on it and provide the info required to link Aadhaar with PAN.

The government has additionally extended the due date for the completion of penalty proceedings under the I-T Act to March 31, 2022. “Further, the time restriction for issuance of notice and the passing of the order by the Adjudicating Authority under the Prohibition of Benami Property Transactions Act, 1988 has additionally been extended to 31st March 2022,” according to the statement.

The government has extended the deadline multiple instances in the beyond to ease compliances on Aadhar-PAN linking amid a raging pandemic. Previously, the last date of March 31, 2021, was revised to September 30, 2021, to offer comfort to taxpayers.

Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section 10(26) of the Act. CBDT Notification No. 110/2021 in S.O. 3815(E) dated 17th September, 2021 issued. It is available on https://t.co/qX8AZ4HCvf & also on https://t.co/4gF04US5ZG. pic.twitter.com/LYaBAcE59i

— Income Tax India (@IncomeTaxIndia) September 17, 2021

SBI requests customers to link PAN with Aadhar to avoid problem in banking transactions

Nishita Sharma — Wed, 14 Jul 2021 10:29:59 +0000

The current share hold by State Bank of India is Rs 14,234.76 crore to Rs 3,82,642.72 crore today in Sensex and Nifty.

State Bank of India recently has requested its users to go to Income Tax e-filing portal and link PAN and Aadhaar to enjoy “seamless banking services”. If any individual misses the given deadline, he/she is liable to pay a penalty of Rs 1,000 not exceeding more then it.

The bank mentioned that if Aadhaar card and PAN cards are not linked with the respective accounts, you may face problems in banking services and financial transactions. Linking of Aadhaar card and PAN card is now extended by the Income Tax Department Till September 30.

It was also assumed that, if PAN and Aadhaar card are not linked before the deadline, PAN will become useless and will be declared as “inoperative”.

The income tax department has mentioned in Clause 41 of Section 139AA of the Income Tax Act stated as, “The permanent account number allotted to a person shall be made inoperative after the notified date in the manner as may be provided by rules if a person fails to intimate the Aadhaar number.”

On official Twitter handle SBI tweeted that, “We advise our customers to link their PAN with Aadhaar to avoid any inconvenience and continue enjoying a seamless banking service.”

Follow these steps to file online ITR complaint in just few minutes!

Nitin Anand — Thu, 01 Apr 2021 11:10:24 +0000

The Income Tax Department released circular stating that it has issued Income Tax Return (ITR) for all the taxpayers. The refunds totaling over Rs 2,13,823 crore to over 2.24 crore taxpayers between April 1st, 2020 and March 22nd, 2021.

In a tweet on March 24, Income Tax Department said, “CBDT issues refunds of over Rs. 2,13,823 crore to more than 2.24 crore taxpayers between 1st April,2020 to 22nd March,2021. Income tax refunds of Rs. 79,483 crore have been issued in 2,21,92,812 cases & corporate tax refunds of Rs. 1,34,340crore have been issued in 2,22,188 cases”.

CBDT issues refunds of over Rs. 2,13,823 crore to more than 2.24 crore taxpayers between 1st April,2020 to 22nd March,2021. Income tax refunds of Rs. 79,483 crore have been issued in 2,21,92,812 cases & corporate tax refunds of Rs. 1,34,340crore have been issued in 2,22,188 cases

— Income Tax India (@IncomeTaxIndia) March 24, 2021

Some taxpayers are still waiting for IT refunds. If you haven’t received your refund because of a discrepancy in your ITR, the first thing you should do is check your e-mail for any notification from the IT department regarding the refund.

You can also check this by logging into your account on the income tax department’s e-filing portal. The income tax refund, if eligible, is one of the things that every taxpayer who files income tax returns on a regular basis looks forward to.

However, tax refunds are not always received on time and maybe delayed for a variety of reasons. You should probably check the status of your refund online and figure out why it took so long.

How to Check the Status of Income Tax Refund?

Step 1: Visit the income tax e-filing portal Step

2: Log in with user ID, password, and date of birth/date of incorporation

Step 3: Click on the ‘My Account’ tab

Step 4: Select the ‘Refund/Demand Status’ option.

The status of your returns will be displayed, along with details such as the assessment year, payment method, and, if applicable, the reason for refund failure.

How to file a complaint on Income Tax Refund online directly?

Step 1: Log in at direct link – https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/ORM.html

Step 2: Enter your name, PAN details, Assessment Year, etc.

Step 3: Write your query in the description box

Step 4: You can select the social media type and enter the ID

Step 5: Enter CAPTCHA

Step 6: Click on the ‘Submit’ button Your ITR refund grievance will get registered online.