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Helathy Recepes cooked at home...
Odisha Tourism
Login to Reply   Posted By.... Gitarani MI   on   2021-03-30  

PAN becomes in-operative if you fail to Link your Aadhar with PAN before March 31, 2021

This article is just for general awareness.

As per section 139AA of the Income-tax Act, 1961 ('Act'), every person who has been allotted a Permanent Account Number (PAN) and is eligible to obtain Aadhaar number, must update his/her Aadhaar number to the Income tax department (PAN-Aadhaar Linkage).
Further, as per Rule 114AAA of the Income Tax Rules, 1962, where a person fails to intimate his/her Aadhaar number as per section 139AA (2) of the Act, the PAN of such person shall become in-operative. The rule further states that owing to the PAN becoming in-operative, it shall be deemed that he/she has not furnished, intimated or quoted the PAN, in accordance with the provisions of the Act, and the person shall be liable for all the consequences under the Act for not furnishing, intimating or quoting the PAN.

Note: The due date for PAN-Aadhaar linkage is 31-03-2021.

In line with aforesaid policies, every person eligible to obtain an Aadhaar and holding a PAN needs to intimate the Aadhaar to the income tax department. Non-linked PANs will be treated at par with person not having PAN. Following may be the primary implications for non-linking of PAN with Aadhaar.
---*--- Application of higher rates of TDS under section 206AA of the Act
---*--- Application of higher rates of TCS under section 206CC of the Act
---*--- Transactions mandatorily requiring PAN under rule 114B may be restricted, subject to the provisions of said rules.
Kindly link your Aadhaar with PAN to avoid any adverse consequences.
Visit to link Aadhar with PAN

Click here to access the FAQs on Aadhaar-PAN linking. You may visit the Income tax department's website for any clarification on the captioned subject.
Please take note of the above and comply. Please ignore this communication if the linking process is already completed at your end.
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