Penalty of Rs 10,000 for those failing to link PAN and Aadhaar by Mar 31, 2020: I-T dept
GUWAHATI: The Income Tax department (I-T) will impose a fine of Rs 10,000 on those who failing to link PAN card and Aadhaar card by March 31, 2020. Those PAN cards not linked to the Aadhaar will become inoperative.
If the PAN card becomes inoperative, then the assessing officer shall levy a fine of Rs 10,000 under section 272 B of the I-T Act.
One must note that ‘Inoperative PAN’ means one will not be able to do several financial transactions where PAN is required.
The IT department in the past had given multiple deadlines for linking PAN with Aadhaar and on every occasion, the deadlines were extended.
Notably, the deadline for March 31, 2020, will not be extended further, as per an official press statement.
Reports also state that almost 17.57 crore, PAN card holders are yet to link their PAN accounts with Aadhaar.
So far 30.75 crore PAN cards were linked with Aadhaar cards by January 27, 2020.
The notification by the IT department also states that those who link their PAN card with Aadhaar card after March 31, 2020, their PAN cards will become inoperative from the date of intimation of Aadhaar number.
For linking Aadhaar card with PAN card, one may visit the e-filing website of the IT department and may use log-in credentials or even without logging.
For a fact, in order to promote digitization, the Income Tax department has now started issuing electronic PAN (e-PAN) cards to all physical PAN card holders.
As per reports, both the service providers namely NSDL (National Securities Depository Limited) or UTIITSL (UTI Infrastructure Technology And Services Limited) – allows you to download e-PAN from their official websites.
If you apply for a new PAN card now, one will get an e-PAN card automatically in their e-mail id mentioned in the application form. The e-PAN service comes completely free of cost when you apply for a physical PAN card by paying Rs 107.