The income tax administration warned citizens on Saturday to hurry up and link their Permanent Account Numbers (PANS) to their separate Aadhaar biometric identification numbers before the deadline passes.
“As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31 March 2023. From 1 April .2023, the unlinked PAN shall become inoperative. The last date is approaching soon. Don’t delay, link it today!” the department said in a social media post. PAN is required for a variety of financial operations, such as creating bank accounts, depositing money into them, opening Demat accounts, buying and selling real estate, and trading in stocks. Additionally, the PAN card is a form of picture identification recognised by all governmental and non-governmental organisations in the nation. Linking the two is crucial for the tax administration
because Aadhaar is biometric-based and cannot be obtained based on any other identifying paper.
As stated in a previous announcement, inhabitants of Assam, Jammu and Kashmir, and Meghalaya who do not have an Aadhaar are excluded from this requirement.
In addition, non-residents as defined by the Income Tax Act of 1961, those who were eighty years old or older at any point in the prior year, and foreign nationals are included in the exempt group. The tax department’s main objective is to link PAN and Aadhaar, which will assist reduce the number of duplicate PANs and improve tax compliance. After paying a cost of Rs. 1000, PAN can be linked with Aadhaar on the tax department’s website, www.incometax.gov.in, according to the government.