The government has collected over Rs 600 crore as penalties from persons who failed to meet the deadline for linking their PAN with their Aadhaar card, the Parliament was told on Monday.
Form 60 is required to be submitted in lieu of PAN if an individual does not have one but is conducting certain specific transactions like purchasing a car, etc. However income tax department will send an individual an SMS and email about updating one s PAN number to the reporting entity where Form 60 was given or apply for a PAN.
Aadhaar and PAN must be linked by June 30. An inoperative PAN, higher TDS and TCS rates, and no tax refunds are all possible outcomes of non-compliance
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 31.3.2023. From 1.04.2023, the unlinked PAN shall become inoperative.