Quick Summary
Government of India, through the Ministry of Finance and the Department of Revenue, has announced a partial modification to Circular No. 3 of 2023 dated 28.03.2023. This modification pertains to the consequences faced by individuals whose PAN (Permanent Account Number) becomes inoperative under rule
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FAQ :
The deadline for linking PAN with Aadhaar has been extended to 31st May 2024.
If your PAN becomes inoperative, you may not receive refunds, interest on refunds, and tax may be deducted or collected at a higher rate.
Deductors and collectors benefit, as they will not be liable for not deducting or collecting tax at a higher rate for transactions up to 31st March 2024, provided the PAN becomes operative by 31st May 2024.
The previous deadline was implied by Circular No. 3 of 2023, which stated consequences would take effect from 1st July 2023.
Yes, for transactions up to 31st March 2024, if the PAN becomes operative by 31st May 2024, the deductor/collector will not face liability for not deducting/collecting tax at the higher rate specified in sections 206AA/206CC.
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