With the last date to link PAN and Aadhaar fast approaching, taxpayers across the country are rushing to complete the process before the deadline of 31st March 2023.
The government has made it mandatory for all PAN holders to link their PAN with their Aadhaar card in order to avoid the deactivation of their PAN card.
According to the Income Tax Act, of 1961, all taxpayers who hold a PAN card and do not fall in the exempted category must link their PAN card with their Aadhaar card.
This is to ensure that there is no duplication of PAN cards and to simplify the tax filing process. The deadline for linking PAN and Aadhaar has been extended several times in the past, but this time it is unlikely to be extended further.
The process of linking PAN and Aadhaar is relatively simple and can be done online through the Income Tax Department’s e-filing portal. Taxpayers can also link their PAN and Aadhaar by sending an SMS to 567678 or 56161.
Failure to link PAN and Aadhaar by the deadline of 31st March 2023 will result in the deactivation of the PAN card. This means that the PAN card will become invalid and cannot be used for any financial transactions.
To reactivate the PAN card, the taxpayer will have to go through a lengthy process of reapplying for a new PAN card, which can be both time-consuming and expensive.
Therefore, taxpayers are urged to complete the process of linking PAN and Aadhaar as soon as possible to avoid any inconvenience later on.
The Income Tax Department has also set up a dedicated helpline to assist taxpayers in the process of linking their PAN and Aadhaar.
In conclusion, the deadline for linking PAN and Aadhaar is fast approaching, and taxpayers who have not yet linked their PAN with Aadhaar are advised to do so before 31st March 2023 to avoid any inconvenience later on.