Quick Summary
If you didnt link your PAN with Aadhaar by June 30, 2023, your PAN will become inoperative w.e.f July 1, 2023. This means that you will not be able to use your PAN for any financial transactions where it is mandatory, such as opening a bank account, investing in mutual funds, or filing your income tax return. In particular, you will not be able to file your income tax return (ITR) before July 31, 2023. This is because the Income Tax Department will not accept ITRs filed by taxpayers whose PAN
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FAQ :
If your PAN is not linked with Aadhaar by the deadline, it becomes inoperative from July 1, 2023. This means you cannot use it for mandatory financial transactions, including filing your Income Tax Return (ITR).
There is a penalty of Rs 1,000 for linking your PAN with Aadhaar after July 1, 2023. If you also file your ITR late, you may incur an additional late filing fee.
The late filing fee for your ITR is Rs 5,000 if your total income exceeds Rs 5 lakh. If your total income does not exceed Rs 5 lakh, the late filing fee is Rs 1,000.
If your income exceeds Rs 5 lakh, the total potential cost is Rs 6,000 (Rs 1,000 for late PAN-Aadhaar linking and Rs 5,000 for belated ITR filing). If your income does not exceed Rs 5 lakh, the total cost is Rs 2,000 (Rs 1,000 for late PAN-Aadhaar linking and Rs 1,000 for belated ITR filing).
No, the Income Tax Department will not accept ITRs filed by taxpayers whose PANs are inoperative. You must reactivate your PAN first.
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