The deadline to link a PAN card with an Aadhaar card was set to be March 31st, 2023, which is basically on Friday at the time of writing this. However, it has been extended till June 30th, 2023 (Friday). With the fresh notification arriving on Tuesday, the Finance Ministry stated that beginning July 1st, 2023, all the PAN cards that aren’t linked with Aadhaar cards will become inoperative.
Those who don’t comply with the latest notification will be unable to get their IT refund. Additionally, there won’t be any interest payable on the IT refund as well during the inoperative state of the PAN card. Moreover, TDS/TCS will be collected/deducted at a higher rate than for those who have linked their PAN to their Aadhaar.
The Income Tax India official Twitter handle posted the revised and extended deadline to allow Indian citizens to get their PAN and Aadhaar linked as prescribed to steer away from facing repercussions.
Another update comes from the Securities and Exchange Board of India (SEBI) where those with unlinked PAN and Aadhaar after the deadline will not be able to initiate any transactions in BSE and NSE among other financial markets. There’s also a Rs 1,000/- fine on citizens who fail to link the two primary documents in India – PAN and Aadhaar once they initiate the linking process.
Non-resident Indians (NRI), those who aren’t Indian citizens, and citizens above 80 years of age (senior citizens) are exempted from linking their PAN to their Aadhaar. Apart from those, those residents of Jammu Kashmir, Meghalaya, and Assam are not required to link PAN-Aadhaar as well.
How to link PAN with Aadhaar, you might ask? Here’s how you can do it before the new and potentially last date before the PAN card ceases to be operative.
