PAN To Become Inoperative If Not Linked With AADHAAR Before Next 1 April

All PAN holders who do not fall under the exempt category must link their PAN with Aadhaar by 31 March 2023,” according to the Income Tax Act of 1961.

PAN & AADHAAR Link: The income tax department issued a statement on Saturday urging individuals to meet the deadline for linking their Permanent Account Number (PAN) to their AADHAAR. If your PAN is not linked to your AADHAAR, then it will cease to be valid on April 1st.

“All PAN holders who do not fall under the exempt category must link their PAN with Aadhaar by 31 March 2023,” according to the Income Tax Act of 1961. The unlinked PAN will become inoperable on April 1, 2023. The deadline is quickly approaching. Link it right away, don't delay! In a post on social media, the department stated.

Why is it important to link PAN and AADHAAR?

The Income Tax Department claims that by linking PAN and Aadhaar, which will be linked to the biometric information of the account holder, duplicate PANs will be eliminated and tax compliance will be improved. Linking the two is crucial for the tax administration because Aadhaar is biometric-based and cannot be obtained through any other form of identification.

WHAT DO YOU USE PAN FOR?

A variety of financial transactions require a PAN, including:

1. Establishment of bank accounts, Cash is deposited into a bank account, Demat account opening, 4. Immovable property transactions and securities transactions

The PAN card is also a form of photo identification that is accepted by all of the country's government and non-government institutions.

Who is exempt from this?

A previous announcement stated that residents of Assam, Jammu and Kashmir, and Meghalaya who do not possess Aadhaar are exempt from this. In addition, the Income-tax Act of 1961 exempts non-residents, individuals eighty years of age or older at any time during the preceding year, and non-Indian citizens.

How do I connect PAN and AADHAAR?

After paying a fee of 1,000 rupees, PAN and Aadhaar can be linked on the tax department's website, www.incometax.gov.in.

A comprehensive guide to doing the same can be found on the website of the Unique Identification Authority of India (UIDAI). The following has been simplified.

Log in to the Income Tax e-filing portal at https://incometaxindiaefiling.gov.in/. Your "User ID" will be your PAN number.

Enter your User ID, password, and birth date to sign in.

Now, you will be prompted to link your PAN and Aadhaar in a pop-up window.

Go to "Profile Settings" on the menu bar and select "Link Aadhaar" if the window does not appear.

Some blanks, like name, date of birth, and gender, will already be filled in based on the PAN information.

Compare the PAN information displayed on the screen to the information on your Aadhaar.

Enter your Aadhaar number and click the "Link now" button if the information matches.

You will receive a pop-up message letting you know that your Aadhaar has successfully been linked to your PAN. You can also link your PAN and Aadhaar by going to https://www.utiitsl.com or https://www.egov-nsdl.co.in/.