Quick Summary
In a recent disclosure to the Parliament, Minister of State for Finance Pankaj Chaudhary unveiled staggering figures regarding the ongoing issue of linking Permanent Account Numbers (PAN) with Aadhaar, shedding light on the substantial penalties accrued by the government due to delays in compliance.
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FAQ :
The government has amassed £601.97 crore in penalties from individuals who failed to link their PAN with Aadhaar after the June 30, 2023 deadline.
As of January 29, 2024, approximately 11.48 crore PANs remain unlinked with Aadhaar.
If your PAN is not linked with Aadhaar, it can become inoperative, leading to the absence of refunds and higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS).
Yes, individuals with inoperative PANs can rectify their status by paying a late fee of £1,000.
The deadline for linking PAN with Aadhaar was June 30, 2023.
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