Update: Due to the outbreak of COVID-19, the Finance Ministry has extended the deadline of the Aadhaar-PAN linking till the 31st of March 2021. Permanent Account Number ( PAN ) holds extreme importance in India, not only for Income Tax purposes but also as a proof of identity. Any incorrect information on your PAN can lead to problems in future. So it is advised to get the mistakes and inaccuracies in your PAN corrected as soon as possible. Table of Content: 1 ..
Download e-PAN Card via Income Tax e-Filing Website To download e-PAN card the Instant e-PAN service is available to individuals who don't have a Permanent Account Number (PAN) but have an Aadhaar card. The steps to obtain Instant e-PAN through the e-Filing portal are : Access e-Filing Portal: Start by visiting the e-Filing portal's homepage, and locate the "Instant e-PAN" option. Select Check Status / Download PAN: Click on "Instant e-PAN," then ..
Income Tax E-Filing Registration is the process where taxpayers sign up on the government's Income Tax E-Filing website. This enables them to file their income tax returns online and meet other tax-related responsibilities electronically. To access the portal, taxpayers need to register their Permanent Account Number (PAN) for login purposes. It simplifies the process of filing taxes and managing tax affairs online. Steps for PAN Registration on Income Tax Portal Visit the income ta..
PAN serves as a crucial identification tool for various financial transactions and is used to track taxpayers and their financial activities. PAN cards are required for several purposes, including filing income tax returns, opening bank accounts, investing in securities, buying and selling assets, and more. Form 49A - Application for PAN by Indian Citizens: Form 49A is used for the allotment of a Permanent Account Number (PAN) to Indian citizens, entities incorporated in India, and unincor..
A Permanent Account Number (PAN) is a unique 10-character alphanumeric code issued by the tax authorities. It's used to identify individuals and entities for taxation and financial transactions. PAN helps track financial activities like income, taxes, and investments. Documents required for PAN application for citizens and non-citizens For citizens Proof of Identity: Passport, Aadhar card, Voter’s ID card Driving License, Photo ID card which is issued by the central governm..
If you have invested in a fixed deposit (FD) and have not linked your PAN (Permanent Account Number) with your Aadhaar, there are several implications for you. Due to non-linkage, your PAN will become inoperative, starting from July 1, 2023. Here are the consequences of booking an FD without a PAN 1. Higher TDS (Tax Deducted at Source) Instead of the usual 10% TDS rate, a higher rate of 20% will be deducted from the interest earned on your FD. 2. No TDS Credit Without a valid PAN,..
If you didn't 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 P..
Introduction The Government of India has made it mandatory to link your Permanent Account Number (PAN) with Aadhaar for certain financial transactions. Failure to link them before the deadline can result in the PAN becoming inoperative. However, you can reactivate your PAN by following the prescribed procedure. This article provides step-by-step instructions on how to link PAN with Aadhaar and check the linking status. Linking PAN Card with Aadhaar To link your PAN with Aadhaar, you are..
The Income Tax Department updated Form 26AS on July 1, 2023 to show the PAN status of taxpayers. In the recently updated Form 26AS, the current status of the Permanent Account Number ("PAN") now indicates the linkage with Aadhaar. PANs that are linked to Aadhaar are now displayed as "Active & Operative". PANs that are not linked to Aadhaar are displayed as "Inactive & Non-Operative". PANs that are inactive and non-operative cannot be used for an..
The government introduced the Permanent Account Number (PAN) to make it easier to access taxpayer information and match it with their investments, loans, and business activities. This helps detect and prevent tax evasion and broaden the tax base. According to the Income Tax Act of 1961, it became mandatory to link Aadhaar number with PAN by June 30, 2023. Failing to do so would render PAN inactive from July 1, 2023. If PAN is not linked with Aadhaar, it can create difficulties in certain t..
The deadline to link your PAN and Aadhaar is today, June 30, 2023. If you don't link them by today, your PAN will become inactive. This means you can't use your PAN for things like filing your taxes, getting a refund, or opening a bank account. There are some people who don't have to link their PAN and Aadhaar, like people who live in Assam, Jammu and Kashmir, or Meghalaya, non-residents, people who are 80 years old or older, and people who aren't citizens of India. If you ..
RBI has withdrawn Rs 2000 notes from circulation. Individuals holding Rs 2000 notes can now either exchange them for other denomination notes from a bank or deposit the same into their bank accounts. However, if you deposit more than Rs 50,000 in a single transaction, then you have to mandatorily quote your PAN as per income tax rules. Rule 114B of the income tax rules makes it mandatory for an individual to quote his/her PAN if the cash deposit in a single day either with a bank or post..
In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. Notification to this effect is being issued separately. Under the provisions of the Income-tax Act, 1961(the ‘Act’) every person who has been allotted a PAN as on 1st July, 2017 and is eligible to obtain Aadhaar Number, is requ..
1. Compliance with the law The government of India has made it mandatory to link your PAN card with Aadhaar card as per Section 139AA of the Income Tax Act, 1961. 2. Avoiding Penalties If you don't link your PAN card with Aadhaar card, you may face a penalty of up to Rs. 1,000. Moreover, non-linking of PAN with Aadhaar may lead to the deactivation of your PAN card. 3. Simplified Tax Filing Linking your PAN card with Aadhaar card can simplify the tax filing process as..
SEBI has directed all investors to link PAN with Aadhaar numbers by 31st March 2023 for seamless transactions in the securities market. SEBI has stated that the deadline for linking PAN with Aadhar Card deadline of 31st March 2023 was given by the Central Board of Direct Taxes (CBDT) vide its circular No. 7 of 2022 dated March 30, 2022 last year. As this deadline is approaching SEBI has directed investors to ensure that their Aadhar card is linked with PAN. SEBI has also highlighted about con..
Aadhaar is a 12-digit unique identification number issued by the Indian government to its citizens, while Permanent Account Number (PAN) is a 10-digit alphanumeric number issued by the Income Tax department to individuals and entities for tax purposes. The Indian government has mandated that all PAN holders must link their Aadhaar number to their PAN card. The deadline to link Aadhaar with PAN has been extended several times in the past, and the latest deadline is March 31, 2023. If an ind..
The income tax department has issued a warning to taxpayers who are yet to link their PAN with their Aadhaar. As per the latest update on the tax department's e-filing website, "All PAN holders, who do not come under the exempt category as per Notification No. 37/2017, dated 11th May, 2017 and have not linked their Aadhaar with PAN yet, are requested to do so immediately. Failure to do so will lead to the unlinked PAN becoming inoperative." The last date to link PAN with Aadhaar..
The Central Board of Direct Taxes (CBDT) has eased the requirement of quoting Permanent Account Number (PAN) or Aadhaar in the case of certain transactions by the government or a consular office, showed an official order. The official notification has been mentioned below - MINISTRY OF FINANCE (department of revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, 1st September, 2022 INCOME-TAX G.S.R. 677(E).—In exercise of the powers conferred by section 139A read with ..
PAN card or Permanent Account Number is a unique ten-digit alphanumeric number issued by NSDL in India. It is used for various tax purposes while filing as identity proof and serves as valid identity proof for multiple other processes. How To Update Details on Your PAN Card If you have any changes in detail printed on your PAN Card, you can make that easy by both online and offline methods for PAN Card correction. Steps To Make Changes in Your PAN Card Online 1. Log in ..
As on 24-01-2022, the total number of Permanent Account Numbers (PANs) linked with Aadhaar is 43,34,75,209. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today. The Minister further stated that the time-limit as extended by the Government for linking all PAN cards with Aadhaar cards is 31-03-2022. Speaking on the difficulties involved, the Minister stated that there could be different reasons for difficu..
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