{"id":3941,"date":"2020-02-22T13:50:31","date_gmt":"2020-02-22T13:50:31","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=3941"},"modified":"2020-12-08T14:06:30","modified_gmt":"2020-12-08T08:36:30","slug":"pan-aadhaar-linking","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/pan-aadhaar-linking\/","title":{"rendered":"PAN Aadhaar Linking: Now possible even after 31st March"},"content":{"rendered":"\n

As per\nCBDTs recent notification, if you still haven\u2019t linked your Permanent Account\nNumber (PAN) with Aadhaar, you will be able to do so even after 31st March.\nHowever, the PAN will remain inoperative<\/strong> for Income Tax purposes until the date you link\nyour PAN with Aadhaar, after 31st March.<\/p>\n\n\n\n

The current deadline to link your Aadhaar with your Permanent Account Number (PAN) is 31st March 2020.<\/p>\n\n\n\n

The Central Board of Direct Taxes (CBDT) recently on 13th February notified the changes made in Income Tax Rules 1962. As per the latest amendment by CBDT, a new rule 114AAA has been inserted after rule 114AA of the Income Tax Rules 1962<\/em><\/strong>[1]<\/em><\/a><\/sup>. The changes made by CBDT provide the possible consequences taxpayers may face if they are unable to link their PAN with Aadhaar before 31st March. <\/p>\n\n\n\n

CBDT\u2019s notification says:<\/strong><\/p>\n\n\n\n

\u201cA person, who has been issued the permanent account number as on 1st July 2017, and is required to intimate his Aadhaar number under sub-section (2) of section 139AA, has failed to intimate the same on or before the 31st day of March 2020, the \npermanent account number of such person shall become inoperative immediately after the said date for the purposes of furnishing, intimating or quoting under the Act.\u201d<\/div>\n\n\n\n

This\nmeans that if you are not able to complete the process of PAN-Aadhaar linking\nbefore 31st March 2020, your PAN shall be deemed invalid for furnishing,\nintimating or quoting. It shall be understood that you never possessed a PAN and\nall the financial transactions requiring the PAN will not be allowed. Moreover,\nyou will be liable for all the consequences under the Income Tax Act for not\nfurnishing or quoting the PAN. <\/p>\n\n\n\n

What happens if the PAN Aadhaar Linking process is completed after 31st\nMarch? <\/h2>\n\n\n\n

If you\nlink your PAN with Aadhaar after 31st March 2020, your PAN will become\noperative only after the date of linking your PAN with Aadhaar. The\nconsequences of not linking your PAN with Aadhaar before 31st as mentioned\nabove, will not be applicable to you after you have completed the process of\nPAN Aadhaar linking. Therefore, you can link your PAN and Aadhaar after the\ndeadline as well with the condition that it will become operative only after\nthe date of linking of Aadhaar with PAN.<\/p>\n\n\n\n

Ways of PAN Aadhaar Linking<\/h2>\n\n\n\n

There are two ways of linking your PAN and Aadhaar. You can complete the process through the\u00a0Income Tax e-filing website<\/em>, or you can simply send an SMS to 567678 or 56161 to complete the process.<\/p>\n\n\n\n

In\norder to link your PAN and Aadhaar through SMS, you will have to send an SMS to\n567678 or 56161 from the registered mobile number. You will have to type UIDPAN<12-digit Aadhaar >\n<10-digit PAN><\/strong> and send it.<\/p>\n\n\n\n

Benefits of linking PAN and Aadhaar <\/h2>\n\n\n\n
\"Benefits<\/figure><\/div>\n\n\n\n