Mandatory Penalty for Non-linking PAN-Aadhaar: What happens if you dont link by Due date:

Mandatory Penalty for Non-linking PAN-Aadhaar: What happens if you dont link by Due date In India, Aadhar and Permanent Account Number (PAN) have become essential components of everyday life for the common man, each fulfilling a specific purpose. The mandatory linking of Aadhaar with PAN is now being considered, with a March 2023 deadline. The Income Tax Department on his twitter official handle tweeted, "Attention Taxpayers! PAN-Aadhaar linking deadline is approaching! Please do link Aadhaar and PAN before 31.03.2023 to avoid consequences."

Mandatory Penalty for Non-linking PAN-Aadhaar

Currently, PAN holders who link PAN-Aadhaar between 1st July 2022 to 31st March 2023 must pay a penalty of Rs. 1,000.

Consequences Of Not Linking Your Pan With Aadhaar:

• Your PAN will become inoperative.
• Fling ITRs will not be possible.
• Pending Returns will not be processed.
• Pending Refunds cannot be issued.
• Pending proceedings, as in the case of defective Return, cannot be completed.
• Tax will be deducted at a higher rate.
• GST Number will become invalidated.
• Difficulty in doing Bank Transactions.
• Difficulty in doing credit card transactions
• Difficulty in doing VISA application