PAN Aadhar not linked

-

Late fees for non linking of PAN with Aadhar

PAN aadhar link due date extension

As per the statutory provisions every person having PAN (Permanent Account Number) should link it with Aadhar on or before 31/03/2022. On failure to link PAN and Aadhar , PAN will be inoperative.  his PAN shall become inoperative and all procedures in which PAN is required shall be halted. The PAN can be made operative again upon linking of Aadhaar to PAN & after payment of a prescribed fee.

In order to mitigate the inconvenience to the taxpayers, as per Notification No.17/2022 dated 29th March, 2022, a window of opportunity has been provided to the taxpayers up to 31st of March, 2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. I.e. Non linking of PAN & Aadhar will not make PAN inoperative up to 31/03/2023, however after 01/04/2022 late fees will be levied for linking PAN & Aadhar.

Quantum of late fees u/s 234H of Income Tax Act: 

1. PAN-Aadhar linked between 01/04/2022 to 30/06/2022 Rs: 500/- 

2. PAN-Aadhar linked on or after 01/07/2022 Rs: 1000/-

A detailed Circular No.7/2022 dated 30.03.2022 has also been issued in this regard.

After 31st March, 2023, the PAN of taxpayers who fail to intimate their Aadhaar, as required, shall become inoperative and all the consequences under the Act for not furnishing, intimating or quoting the PAN shall apply to such taxpayers. 

Implications of Non linking of PAN with Aadhar such as:-

(i) The person shall not be able to file return using the inoperative PAN

(ii) Pending returns will not be processed

(iii) Pending refunds cannot be issued to inoperative PANs

(iv) Pending proceedings as in the case of defective returns cannot be completed once the PAN is inoperative

(v) Tax (TDS/TCS) will be deducted at a higher rate as PAN becomes inoperative

(vi) The tax payer might face difficulty like at banks and other financial portals, as PAN is one of the important KYC criterion for all kinds of financial transactions.

(vii) Demat A/c will be inactive etc.

Here is the Notification No: 17/2022 & Circular 07/2022 of the Income Tax Act:

Comments

Post a Comment

Popular posts from this blog

PF payment due dates for the FY 2020-21 for tax audit reporting

-
Image
PF payment due dates for the FY 2020-21 for the purpose of tax audit reporting While preparing Tax Audit Report in Form 3CD it is important to fill due date of payment to various Employees contribution fund and actual payment of the contribution. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va)" Most commonly reported funds under the clause are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI may result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2020-21 for quick reference  PF payment due dates for the FY 2020-21 Period Due date Day Extended date Reference Apr-20 15/05/2020 Friday                                -                           -   May-20 15/06/2020 Monday                  
Continue Reading

PF payment due dates for the FY 2021-22 for reporting u/s 36(1)(va)

-
Image
PF payment due dates for the FY 2021-22 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2021-22 for quick reference. PF payment due dates for the FY 2021-22 Period Due date Day
Continue Reading

Format of shorter notice consent for AGM (Annual General Meeting)

-
Image
Format of shorter notice consent for AGM (Annual General Meeting) Background The Companies Act mandates companies to issue a notice to members calling a general meeting at least 21 clear days before the date of the meeting. Sometimes, the matters in urgency require quick decision making and in such circumstances, the companies may go for calling general meetings at shorter notice. However, in case of the private limited companies the period can be less than 21 days as provided in the Articles of Association (AOA). Provision and Rule As per the provisions of Section 101 (1) of the Companies Act, 2013, every general meeting of a company may be called by giving not less than twenty-one days clear notice in writing or through electronic mode in such manner as provided under Rule 18 of Companies (Management and Administration) Rules 2014. What is Consent for shorter notice? It is permission obtained by the company from its shareholders, in advance, to call a general meeting at an earlier da
Continue Reading

PF payment due dates for the FY 2022-23 for reporting u/s 36(1)(va)

-
Image
PF payment due dates for the FY 2022-23 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2022-23 for quick reference. PF payment due dates for the FY 2022-23 Period Due Date Day Extended D
Continue Reading

Letter of Authority for Tax Practitioners (Income tax)

-
Image
Letter of Authority for Tax Practitioners (Income Tax) LETTER OF AUTHORITY I/We ________________ , Proprietor/Partner/Director of _______________________ , hereby authorize Mr./Mrs./CA __________________________ to appear, represent, and settle on my/our behalf the Income tax assessment proceedings before the Income Tax Officer / Assistant/Dy. / Commissioner of Income Tax or in appeal before the Appellate Assistant Commissioner of Income Tax, Commissioner of Income Tax (Appeal), or the Appellate Tribunal or the Board of Direct Taxes for the assessment year 20XX-XX . [to produce accounts and documents/statements and to receive on my/our behalf any notice or documents/statements issued in connection with the said proceedings] or/and [to apply for, obtain, and receive refund orders in respect of the said assessment (if any)] or/and [to apply for copies of the Income Tax assessment
Continue Reading