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Over ₹600 crore collected from 11.48 crore PAN defaulters; non-compliance risks inoperative PANs. To reinstate the operability of PANs, individuals can pay a late fee of ₹1,000.

Government collected ₹600 crore from 11.48 crore PAN defaulters

Over ₹600 crore was collected from 11.48 crore PAN defaulters; non-compliance risks inoperative PANs. To reinstate the operability of PANs, individuals can pay a late fee of ₹1,000.

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. Also Watch:<a href="https://www.editorji.com/business-news/economy/97-5-of-2-000-notes-returned-to-rbi-notes-worth-less-than-9-000-crore-now-in-circulation-1707120095648"> 97.5% of ₹2,000 notes returned to RBI, notes worth less than ₹9,000 crore now in circulation</a>

Users can avail biometric based authentication from any dedicated centres of PAN service providers. The details of PAN and Aadhaar can also be updated in their respective websites before linking them

IT department shares guidelines to resolve Aadhaar-PAN link failure due to Name, DOB, Gender mismatch

Users can avail biometric based authentication from any dedicated centres of PAN service providers. The details of PAN and Aadhaar can also be updated in their respective websites before linking them

Are you facing problems due to name, date of birth, gender mismatch to link your Pan and Aadhaar cards? The Income Tax department has now shared ways to resolve Aadhaar-Pan link failure due to demographic mis-match.
The Income Tax department has said that users can avail biometric based authentication in case of demographic mis-match issue. This can be availed from any dedicated centres of PAN Service Providers (Protean &amp; UTIITSL). The department took to twitter to make this announcement.&nbsp;
Income Tax India
@IncomeTaxIndia
Kind Attention PAN holders! While linking PAN with Aadhaar, demographic mismatch may occur due to mismatch in: 
&bull; Name 
&bull; Date of Birth 
&bull; Gender 
To further facilitate smooth linking of PAN &amp; Aadhaar, in case of any demographic mismatch, biometric-based authentication has been provided and can be availed of at dedicated centers of PAN Service Providers (Protean &amp; UTIITSL). For details, please check the website of Service Providers.
To update PAN details, users can visit:
<ul>
<li>Protean at: www/onlineservices.nsdl.com/paam/endUserRegisterContact.html</li>
<li>UTIITSL at: http://www.pan.utiitsl.com</li>
</ul>
To update Aadhar details, users can visit:
<ul>
<li>UIDAI website at: https://ssup.uidai.gov.in/web/guest/update</li>
</ul>
Once the mis-match is resolved users can link the Aadhaar and Pank cards using https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar.
PAN holders who have not linked their cards to Aadhaar can do so till June 30 by paying a fee of Rs 1000. If the user fails to link then the PAN card will become invalid from 1st July 2023.

Taxpayers have until March 31st to file a revised income tax return for the fiscal year 2019-2020, also known as Assessment Year 2020-21

From ITR to PAN-Aadhar link: Here's the 'To-Do' list before March 31st

Taxpayers have until March 31st to file a revised income tax return for the fiscal year 2019-2020, also known as Assessment Year 2020-21

As the Financial year 2022-23 comes to an end, Editorji brings you a list of things which you need to finish before the March 31st: 1. PAN-Aadhaar Link: After repeatedly extended the window for linking PAN cards with Aadhaar, the final deadline is March 31, 2023. If the Aadhaar is not linked to the PAN by the deadline, then you will have to shell out Rs 1,000 as a a penalty and your PAN will become inoperative.&nbsp;
2. Updated ITR The last date for submitting the updated ITR for FY20 or assessment year 2020-21 (AY21) is March 31. The taxpayers must file the updated ITR if they omitted certain income details or made any error while filing the ITR in FY20. It can also be filed if the ITR was not filed in FY20 at all. 3. Advance tax payment&nbsp; According to the IT department, taxpayers must submit the final installment of the advance tax payment for the fiscal year 2022&ndash;2023 by March 15, 2023. If a taxpayer fails to make advance tax payments, they will be subject to penalties. The Income-Tax Act mandates that individuals with an anticipated tax liability of ₹10,000 or more after Tax Deducted at Source (TDS) deductions must make advance tax payments.
4. Tax-saving investments&nbsp; For the fiscal year 2022-23, taxpayers who have chosen the old tax regime must complete their tax-saving investments before March 31, 2023. The old tax regime allowed taxpayers to deduct various expenses related to their investments.&nbsp;
5. Nominee to your demat account: The deadline for adding a nominee to demat / trading accounts is 31st March 2023. Capital markets regulator SEBI warns that if investors miss out on appointing the nominee, their accounts will be frozen for debits. A nominee is someone who manages the account if something happens to the holder and must be added through NSDL's website using an OTP and VID/Aadhaar number. 
6. Lastly, the Pradhan Mantri Vaya Vandana Yojana (PMVVY) is an insurance policy-cum-pension scheme that provides senior citizens with regular income. Investments up to ₹15 lakh can be made by an individual in the scheme. The deadline for making investments in this plan is March 31, 2023.

Capital markets regulator SEBI has issued a notification reminding investors to ensure their PAN and Aadhaar are linked by the 31st of March, failing which the PAN will be inactive.

SEBI's reminder for PAN-Aadhaar linkage by March 31st 

Capital markets regulator SEBI has issued a notification reminding investors to ensure their PAN and Aadhaar are linked by the 31st of March, failing which the PAN will be inoperative. 

Capital markets regulator SEBI has issued a notification reminding investors to ensure their PAN and Aadhaar are linked by the 31st of March, failing which the PAN will be inactive.&nbsp;

Capital markets regulator SEBI has asked all investors to ensure that the linking of PAN and Aadhaar is done before the 31st of March 2023. Any account that fails to do this, will become inopertive and will be considered non-KYC complaint.&nbsp;
In its notification, SEBI says that the PAN-Aadhaar linking must be done before March 31st, "for continual and smooth transactions in securities market and to avoid consequences of non -compliance with the said CBDT circular".&nbsp; The Central Board of Direct Taxes (CBDT) issued a circular in March 2022 which said the PAN allotted to a person would become inoperative if it is not linked with Aadhaar by March 31, 2023, and would be liable to all the consequences under the Income-tax Act, 1961, for not furnishing, intimating or quoting the PAN. 
&nbsp;
&nbsp;

Here are the three important changes in income tax rules that will come into effect from Friday, July 1, 2022:- 
1. PAN-Aadhaar Linking Fine to Increase
Those who have not yet linked their PAN Aadhaar will have to pay a fine of Rs 1,000 if they try to link both the documents from July 1. Till June 30, the fine has been capped at Rs 500. The Central Board of Direct Taxes has extended the deadline to link PAN-Aadhaar to March 23, but people will have to pay a fine of Rs 1,000 if it is done on or after July 1.
2. TDS on cryptocurrencies: After the imposition of 30 per cent flat income tax on cryptocurrencies from 1st April 2022, the GoI had proposed an additional 1 per cent TDS on cryptocurrency transactions in the union budget 2022, irrespective of the gain or loss incurred by the investor.
One per cent Tax Deduction at Source (TDS) on all cryptocurrency transactions will be levied from July 1st. 
3. TDS On Doctors, Social Media Influencers:
FM Sitharaman had introduced a new section (194R) in the Income Tax Act 1961 in the Union Budget 2022, which proposes a 10 per cent TDS on monetary benefits received by doctors and social media influencers through sales promotion (on social media) beginning July 1, 2022. 

From PAN to crypto TDS; all rules changing from July 1

Three major changes to income tax rules are going to be applicable to different taxpayers

Here are the three important changes in income tax rules that will come into effect from Friday, July 1, 2022:-&nbsp;
1. PAN-Aadhaar Linking Fine to Increase
Those who have not yet linked their PAN Aadhaar will have to pay a fine of Rs 1,000 if they try to link both the documents from July 1. Till June 30, the fine has been capped at Rs 500. The Central Board of Direct Taxes has extended the deadline to link PAN-Aadhaar to March 23, but people will have to pay a fine of Rs 1,000 if it is done on or after July 1.
2. TDS on cryptocurrencies: After the imposition of 30 per cent flat income tax on cryptocurrencies from 1st April 2022, the GoI had proposed an additional 1 per cent TDS on cryptocurrency transactions in the union budget 2022, irrespective of the gain or loss incurred by the investor.
One per cent Tax Deduction at Source (TDS) on all cryptocurrency transactions will be levied from July 1st.&nbsp;
3. TDS On Doctors, Social Media Influencers:
FM Sitharaman had introduced a new section (194R) in the Income Tax Act 1961 in the Union Budget 2022, which proposes a 10 per cent TDS on monetary benefits received by doctors and social media influencers through sales promotion (on social media) beginning July 1, 2022.&nbsp;

The government has extended the last date for linking the Permanent Account Number (PAN) with the Aadhaar card to March 31, 2022.&nbsp;
The Central Board of Direct Taxes (CBDT) announced six months extension for linking the two identification cards to provide relief to taxpayers and address difficulties faced due to the COVID-19 pandemic.
This is the fourth time that the government has extended the last date for linking the PAN and Aadhaar. Initially, the last date was set as March 31, 2021, which was extended to June 30, and then to September 30. Now, the deadline has been extended till the end of current fiscal.
If the PAN card is not linked with the Aadhaar card, it is likely to become inoperative and may attract a late fee of ₹ 1,000. Also, one may not be able to carry financial transactions where its is mandatory to provide PAN card details.
You can follow these simple steps to link your PAN with Aadhaar card online

Log on to the income tax e-filing website - www.incometaxindiaefiling.gov.in
Click on the 'Link Aadhaar' option
Enter the correct Permanent Account Number, Aadhaar Number, and your full name (as given in the Aadhaar card) in the relevant fields.
Enter the details such as date of birth in the designated fields
Enter the correct captcha code in the relevant field
Select the relevant option and click on the 'link Aadhaar' button at the bottom of the page


Deadline to link Aadhaar & PAN card extended. Here's how you can do it online

The government has extended the last date for linking the Permanent Account Number (PAN) with the Aadhaar card to March 31, 2022

FOR VO
The government has extended the last date for linking the Permanent Account Number (PAN) with the Aadhaar card to March 31, 2022.&nbsp;
The Central Board of Direct Taxes (CBDT) announced six months extension for linking the two identification cards to provide relief to taxpayers and address difficulties faced due to the COVID-19 pandemic.
This is the fourth time that the government has extended the last date for linking the PAN and Aadhaar. Initially, the last date was set as March 31, 2021, which was extended to June 30, and then to September 30. Now, the deadline has been extended till the end of current fiscal.
If the PAN card is not linked with the Aadhaar card, it is likely to become inoperative and may attract a late fee of ₹ 1,000. Also, one may not be able to carry financial transactions where its is mandatory to provide PAN card details.

The government has for the fourth time extended the last date for linking the PAN and Aadhaar.&nbsp;Now, the deadline has been extended till the end of current fiscal

The government has extended the last date for linking the Permanent Account Number (PAN) with the Aadhaar card to March 31, 2022.&nbsp;
The Central Board of Direct Taxes (CBDT) announced six months extension for linking the two identification cards to provide relief to taxpayers and address difficulties faced due to the COVID-19 pandemic.
Also Read&nbsp;<a href="https://www.editorji.com/story/deadline-to-file-income-tax-returns-extended-to-december-31-1631201339358" target="_blank">Deadline to file Income Tax returns extended to December 31</a>
This is the fourth time that the government has extended the last date for linking the PAN and Aadhaar. Initially, the last date was set as March 31, 2021, which was extended to June 30, and then to September 30. Now, the deadline has been extended till the end of current fiscal.
If the PAN card is not linked with the Aadhaar card, it is likely to become inoperative and may attract a late fee of ₹ 1,000. Also, one may not be able to carry financial transactions where its is mandatory to provide PAN card details.
You can follow these simple steps to link your PAN with Aadhaar card online
<ul>
<li>Log on to the income tax e-filing website - www.incometaxindiaefiling.gov.in</li>
<li>Click on the 'Link Aadhaar' option</li>
<li>Enter the correct Permanent Account Number, Aadhaar Number, and your full name (as given in the Aadhaar card) in the relevant fields.</li>
<li>Enter the details such as date of birth in the designated fields</li>
<li>Enter the correct captcha code in the relevant field</li>
<li>Select the relevant option and click on the 'link Aadhaar' button at the bottom of the page</li>
</ul>

pan aadhaar link

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