Consequences of not linking PAN-Aadhaar: The last date to link PAN-Aadhaar is June 30. Individuals, who fail to link their Aadhaar and PAN by the end of this month will have to face several consequences.
As per Income Tax Department, if you do not link your Aadhaar with your PAN by 30th June 2023, your PAN will become inoperative. Moreover, if your PAN becomes inoperative, you will not be able to furnish, intimate or quote your PAN and would be liable to all the consequences under the Act for such failure.
There are also the following implications of not linking PAN-Aadhaar that PAN cardholders may have to face, according to the information available on the Income tax website.
- Refund of any amount of tax or part thereof, due under the provisions of the Act will not be made;
- Interest will not be payable on such refund for the period, beginning with the date specified under sub-rule (4) and ending with the date on which it becomes operative;
- Where tax is deductible under Chapter XVIIB in case of such person, such tax will be deducted at a higher rate, in accordance with provisions of section 206AA;
- Where tax is collectable at source (TCS) under Chapter XVII-BB, in the case of such persons, such tax will be collected at a higher rate, in accordance with provisions of section 206CC.
Also Read: Aadhaar-PAN link failed due to Name, DOB, Gender mismatch? Income Tax Dept shares ways to correct
The above consequences of not linking PAN and Aadhaar will take effect from 1st July 2023 and continue till the PAN becomes operative. Also, a fee of Rs 1000 will continue to apply to make the PAN operative by intimating the Aadhaar number.