Missed PAN-Aadhaar link by June 30? Inoperative PAN can cost you Rs 6,000; here’s how

If you missed the June 30, 2023 deadline to link your PAN with Aadhaar, your PAN can be marked as inoperative ranging from July 1, 2023. One consequence of an inoperative PAN is the potential incapacity to file your earnings tax return (ITR) earlier than the July 31, 2023 deadline.

If you select to pay the penalty and wait to your PAN to turn out to be operative once more, there’s a threat of lacking the ITR submitting deadline. Late submitting of ITR incurs a penalty of Rs 5,000 for people with a complete earnings exceeding Rs 5 lakh.

Therefore, in case your PAN is presently inoperative, you could find yourself paying a late submitting payment of Rs 5,000 and submitting a belated ITR. Additionally, linking your PAN and Aadhaar now would require a further payment of Rs 1,000, leading to a complete cost of Rs 6,000.

cre_Trending

It is vital to notice that in case your complete earnings doesn’t exceed Rs 5 lakh, the late submitting payment for belated ITR can be Rs 1,000, leading to a complete cost of Rs 2,000 (together with the PAN-Aadhaar linking payment).

Taxpayers are suggested to link their Aadhaar with PAN as quickly as attainable and file their earnings tax returns by the due date of July 31, 2023. In case of failure to fulfill the deadline, belated returns can be filed till December 31, 2023. Failure to cite an operative PAN for specified transactions could result in problems.

Filing a belated ITR could entice penalties comparable to curiosity on unpaid tax liabilities and the lack of sure deductions and advantages out there to well timed filers. It can also improve the chance of scrutiny assessments and potential penalties in case of discrepancies.

If you have paid the penalty for PAN-Aadhaar linking on or earlier than June 30, 2023, the earnings tax division will duly contemplate your case. Linking your PAN with Aadhaar and submitting ITR on time will assist you keep away from the late submitting payment related to belated ITR.

If you filed your ITR on or earlier than June 30, 2023, however haven’t but linked your PAN with Aadhaar, the ITR is probably not processed till the linkage is accomplished. To successfully file an earnings tax return and acquire any pending tax refunds, you should have a legitimate PAN card.

Read extra: Chhattisgarh authorities hikes dearness allowance (DA) for state staff by 5%