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In its update on the department’s e-filing website, the income tax authorities warned people who haven’t linked their PAN to their Aadhaar.
“Linking of PAN with Aadhaar is mandatory, it is necessary. Don’t delay, link it today!” shared the Income-tax Department in a public consultation.
The Income Tax Act of 1961 makes it mandatory for all PAN holders who fall in the non-exempted category to link their PAN and Aadhaar before March 31, 2023.
Earlier, the Income Tax Department had set a July 31, 2022, deadline for linking PAN cards to Aadhaar. The government has extended the deadline for linking these two to March 31, 2023, with a Rs 1000 penalty. PAN-Aadhaar linking is excluded for certain persons. Assam, Jammu, Kashmir, Meghalaya, NRIs, foreign nationals, and those over 80 are excluded.
If your PAN becomes inoperative on April 1, 2023, you will not be able to use it in obligatory situations such as opening bank accounts and demat accounts.