Link Your PAN with Aadhar Before March 31 to Avail These Benefits

UIDAI Latest Update: If you have not yet linked your PAN card to your Aadhaar, you must do so by March 31 of this year in order to receive tax benefits. The government has now made this mandatory, with the deadline set for March 31.

The Chairperson of the Central Board of Direct Taxes (CBDT), Nitin Gupta, stated on Sunday that hundreds of thousands of PANs have still to be linked to Aadhaar. He told them to finish it before the deadline. They will be unable to obtain tax or business benefits if they do not do so. Nitin further stated that out of the total 61 crore PANs, around 48 crores have been linked with Aadhaar so far.

Individual PANs that are not connected to Aadhaar will be deactivated after March 31. To link PAN with Aadhar, a charge of Rs 1,000 will now be required.

“Many awareness efforts have been done regarding the linking of PAN with Aadhaar, and we have extended this deadline multiple times. If Aadhaar is not connected to a PAN by the deadline, the holder would be unable to get tax advantages since his PAN will no longer be valid after March," Nitin explained.

In a circular published last year, the CBDT said clearly that if the PAN becomes inactive, the individual must face all of the repercussions specified by the Income Tax Act. This includes situations like the non-filing of income tax returns and the non-processing of pending returns.

Along with the announcement of making PAN a common identification, he noted that the budget announcement will benefit the corporate sector. Finance Minister Nirmala Sitharaman stated in the budget that firms would be allowed to use their PAN as a common identity in the digital system of government organizations.