These 13 Crore PAN-Enabled User Accounts Will No Longer Be Active
The first day of March has arrived. Everything has altered, from milk prices to LPG prices to many government department rules. The Indian government has set the month’s final day as the deadline for some.
The connection between the PAN card and the Aadhaar card is one example of the same. In reality, the Central Board of Direct Taxes (CBDT) has informed PAN holders that their business and tax-related facilities will cease to function if they do not abide by the government’s directives by March 31. In other words, their account will be suspended.
Out of the 61 billion Permanent Account Numbers (PAN) in existence, 48 billion have so far been connected to the Unique Identification Number Aadhar. 13 crore people’s PAN-Aadhaars have not yet been connected. The government has now issued a warning to these individuals and established a deadline for connecting.
It’s possible until March 31
If this is not done by March 31st, individuals will not be eligible for benefits in business and tax-related actions. Nitin Gupta, the chairman of the Central Board of Direct Taxes (CBDT), stated that although many crores of PANs have not yet been connected with Aadhaar, this work is anticipated to be finished by the deadline of March 31. The government has mandated that PAN and Aadhar be linked.
It has been stated that individual PANs unconnected to Aadhaar will be deemed inactive after this date, which has been established as the 31st of March 2023. In addition, the government has stated that a fee of Rs 1,000 will be required from now until March 31 in order to connect PAN with Aadhaar.
If not connected, the card will be deactivated
The head of CBDT stated that numerous awareness campaigns regarding the linking of PAN with Aadhaar have been performed, and we have repeatedly extended this deadline. The holder will not be eligible for tax benefits because his PAN will expire in March if it is not connected to his Aadhaar by the deadline. The CBDT made it plain in a circular released last year that the individual in question will suffer all the consequences outlined in the Income Tax Act once PAN becomes inoperative.
This includes instances like the failure to file income tax returns and the failure to handle pending returns. Additionally, he added that the budget statement to make PAN a universal identifier will be advantageous for the business community. In the budget, Finance Minister Nirmala Sitharaman declared that PAN would now be used by commercial enterprises as a standard identifier in the digital systems of governmental organizations.
News Mania Desk
