The government has collected a whopping ₹600 crore in penalties from defaulters who failed to link their Permanent Account Numbers with Aadhaar cards within the stipulated deadline. As of January 29, 2024, a staggering 11.48 crore PANs are yet to be linked with Aadhaar, as disclosed by the Ministry of State for Finance.
Minister of State for Finance, Pankaj Chaudhary, provided these details in a written response to queries in the Lok Sabha on Monday. "The number of PANs not linked with Aadhaar, excluding exempted categories, is 11.48 crore as of January 29, 2024," Chaudhary stated.
The information on the collected penalties was shared in response to a parliamentary question. Chaudhary clarified, "The total collection of fees from persons who have not linked their PAN with Aadhaar is ₹601.97 crore from July 1, 2023, to January 31, 2024." The deadline for linking PAN and Aadhaar was June 30, 2023.
The Income Tax Department has warned that PAN cards will be deemed inoperative for those who fail to link them with Aadhaar within the specified timeframe. In addition, no refunds will be issued for such PANs, and non-compliance may result in higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS).
To reinstate the operability of PANs, individuals can pay a late fee of ₹1,000. The government's strict stance aims to streamline the financial system and ensure compliance with mandatory linking requirements, promoting a seamless integration of PAN and Aadhaar for effective governance.
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