GulfHindi English Desk: The deadline to link your PAN card with Aadhaar was June 30th. If you haven’t done so, your PAN card has become inactive from July 1st. This is an important step to take as it can affect your income tax return (ITR).
Linking PAN and Aadhaar: Importance and Process
The linking of PAN card with Aadhaar has a specified time period, and it takes one month to reinstate it after the expiration. If you haven’t linked your PAN with Aadhaar, it may be impossible for you to file your ITR, as the deadline for ITR is July 31st.
Rules and Penalties for Late ITR Filing
If you are unable to file your ITR by July 31st, you will have to file a delayed ITR, also known as “Late ITR.” In this process, the taxpayer is required to file ITR with a late fee. If your PAN card becomes inactive, you will have to file a delayed ITR, which incurs two types of penalties.
Penalties: What and How Much?
If your total income is more than ₹5 lakh, you will have to pay a penalty of ₹5,000 for filing a delayed ITR. If your PAN card is inactive, you will also have to pay a penalty of ₹1,000 for linking Aadhaar with PAN, along with a late fee of ₹5,000, totaling ₹6,000. However, if your total income is less than ₹5 lakh, you will only have to pay a penalty of ₹2,000.
Important Information
According to the Income Tax Department’s tweet, if you have paid the penalty for linking PAN with Aadhaar by June 30th and your PAN is still not linked with Aadhaar, the department will consider this matter.
en.gulfhindi.com News Summary
👉The last date to link your PAN card with Aadhaar was June 30th.
👉If you have not linked it, your PAN card has become inactive from July 1st.
👉This is important to note as it can also impact your Income Tax Return (ITR).
👉The linking process has a specified time period and takes one month to reinstate after the deadline.
👉If you fail to link your PAN with Aadhaar, filing your ITR may become impossible as the deadline for ITR is July 31st.
👉If you are unable to file your ITR by July 31st, you will have to file a delayed ITR, also known as “late ITR,” with a late fee.
👉If your PAN card becomes inactive, you will have to file a delayed ITR and there are two types of penalties associated with it.
👉If your total income is more than ₹5 lakh, you will have to pay a penalty of ₹5,000 for filing a delayed ITR.
👉If your PAN card is inactive, you will have to pay an additional penalty of ₹1,000 along with the late fee of ₹5,000 to link your Aadhaar with PAN, making the total penalty ₹6,000.
👉However, if your total income is less than ₹5 lakh, you will only have to pay a penalty of ₹2,000.
👉According to the Income Tax Department’s tweet, if you have paid the penalty for linking PAN with Aadhaar by June 30th and your PAN is still not linked with Aadhaar, the department will consider it.
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