According to IT Act,1961, it is mandatory for all taxpayers who do not fall under the exempt category, to link their PAN with their Aadhaar before June 30, 2023.
"The link should be done now," Union finance minister said, adding that, "If this deadline is over, the amount of fine will increase."
Aadhaar-PAN linking was free till March 31, 2022. A fee of Rs 500 was being imposed since April 1 last year and was later raised to Rs 1,000 from July 1.
In a notification, the ministry said these changes have been notified as part of Know Your Customer (KYC) details for small saving schemes backed by the government. Before this, investments in small saving schemes were allowed without the submission of one's Aadhaar number.