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PAN cards of these taxpayers to get deactivated after March 31 know more in details.

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"As per the Income Tax Act, 1961, it is mandatory for all PAN holders, who do not fall in the exempted category, to link their PAN with Aadhaar before 31.3.2023. From 1.04.2023, unlinked PAN will become inactive," the Income Tax Department said.
The Income Tax Department on Saturday issued an advisory that Permanent Account Number (PAN) not linked to Aadhaar will become "inoperative" by the end of March next year.

According to a notification issued by the Union Ministry of Finance in May 2017, the 'exempted category' are persons resident in the states of Assam, union territory Jammu and Kashmir and Meghalaya; a non-resident as per the Income-tax Act, 1961; A person of the age of 80 years or more and not being a citizen of India at any time during the previous year.

A circular issued by the Central Board of Direct Taxes (CBDT) on March 30 said that once PAN becomes inoperative, a person will be liable for all consequences under the I-T Act and face multiple implications. have to do it.

The person will not be able to file I-T returns using an inoperative PAN; Pending returns will not be processed; Pending refund cannot be issued for inoperative PAN; Pending proceedings in case of defective returns cannot be completed after PAN is deactivated and tax will have to be deducted at higher rate.

The circular states, "In addition to the above, the taxpayer may face difficulty at various other fora such as banks and other financial portals as PAN is one of the important KYC (Know Your Customer) criteria for all types of financial transactions." There is one."

The CBDT formulates policy for the Income Tax Department.

While Aadhaar is issued by the Unique Identification Authority of India to a resident of India, PAN is a 10-digit alphanumeric number allotted by the IT department to an individual, firm or entity.
Read More: PAN cards of these taxpayers to get deactivated after March 31 know more in details.