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Pan-Aadhaar Link: This task is crucial for ITR filers, non-compliance may result in tax return issues
Linking PAN with Aadhaar before March 31 is crucial for ITR filers.
Updated : Mar 10, 2023, 09:43 AM IST | Edited by : Raunak Jain
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Pan-Aadhaar Link: As the financial year 2022-23 comes to a close, investors and taxpayers need to ensure that they have linked their PAN card with Aadhaar before the end of March. The Central Board of Direct Taxes (CBDT) issued a notification stating that PAN cards not linked to Aadhaar by March 31, 2023, will become inactive. This has been reinforced by the Securities and Exchange Board of India (SEBI), which has urged investors to link their PAN and Aadhaar by the end of March to avoid any issues with continuous transactions in the stock market.
According to SEBI, non-compliance with this instruction may result in a ban on securities and other transactions until the PAN and Aadhaar are linked. PAN is a crucial identification number, and KYC is required for transactions in the stock market. Therefore, it is essential to ensure valid KYC for all registered participants and market infrastructure institutions (MIIs).
If investors fail to link their PAN with Aadhaar by March 31, 2023, their PAN card will become inactive, which may prevent them from filing their income tax returns. In such cases, a late fine of Rs 1,000 may need to be paid. Additionally, using an inactive PAN card as a document may attract a fine of Rs 10,000 under Section 272B of Income Tax.
It is crucial for investors to link their PAN card with Aadhaar to avoid any financial or legal issues. The Indian government has been urging people to complete this process for some time now. Completing this task as soon as possible will save investors from the potential consequences of non-compliance. It is also important to note that the deadline for filing income tax returns for the financial year 2022-23 is likely to be in September 2023, so completing this process before March 31, 2023, will give investors ample time to file their returns.
Read more: DigiLocker: How to access Aadhaar, PAN Card, driving license etc on your WhatsApp, know here
