#PAN-Aadhaar not Linking penalty

[rpacpc]

How PAN Verification Status Impacts Your Financial Life

In today’s digitally driven world, Permanent Account Number (PAN) has become an integral part of financial transactions in India. Whether you are an individual taxpayer, a corporation, or a non-resident, the importance of a PAN cannot be overstated. However, it is equally important to ensure that he has a recognized status beyond merely holding a PAN. In this comprehensive article, we will explore how PAN verification status affects your financial life and why staying updated on this front can save you from potential pitfalls.

What Is a Drink?

Permanent Account Number (PAN) is a unique identification number as issued by the Indian Taxation Department. It is an important tool in pursuing financial transactions, ensuring that all taxable activities are properly monitored. PAN is not just a tax return; It is required for various financial activities, such as opening bank accounts, buying property and investing in stocks.

Importance of PAN Verification

PAN verification is the process of verifying the details associated with your PAN. This post ensures that the PAN details are correct, up-to-date and in line with the records held by the Income Tax Department. The importance of PAN verification extends beyond mere compliance; It plays an important role in maintaining your financial connections.

How Does PAN Verification Affect Tax Filing

One of the most important ways in which PAN verification status affects your financial life is through tax filing. An incorrect or unacknowledged PAN can cause problems with your tax returns, including delays, denials and even penalties. The Income Tax Department cross verifies the PAN details with additional financial details submitted at the time of filing tax returns. If there is a discrepancy, it can raise red flags and result in an undesirable test or audit.

Role of PAN in Financial Transactions

Every financial transaction you make, from deposits to investments, is linked to your PAN. Banks, financial institutions and government agencies require PAN details to process transactions beyond a certain threshold. If your PAN is not verified, you may face hurdles in completing these transactions, resulting in potential financial hardship and loss.

Impact On Loan Applications

When you apply for a loan, be it a home loan, a personal loan, or a business loan, the lending agency conducts a thorough background check, which includes verifying your PAN unauthenticated or incorrect PAN can have your loan application denied, even if your credit score is strong. Lenders use PAN verification to check your financial credibility and ensure that you are not involved in any fraudulent activities.

Result of PAN Mismatch

PAN mismatch occurs when the information in your PAN does not match the information in other financial documents, like your Aadhaar card, bank account, or tax returns This mismatch can cause problems, e.g delays in refund processing, difficulty in accessing government grants, your PAN and information related to bank account or other financial transactions

Verification of PAN and Financial Fraud

Financial fraud is a growing concern in the age of digitalisation. Fraudsters often use fake or stolen PANs to commit fraud, causing huge losses to individuals and businesses. By regularly checking your PAN, you can protect yourself from falling prey to such scams. Analysis ensures that your PAN is only linked to your legitimate financial activities and helps authorities detect and prevent fraudulent transactions.

How to Check your PAN Verification Status

Checking your PAN verification status is a simple process. Income Tax Department of India provides an online portal where you can verify your PAN by entering your PAN number and other required details. Once you have submitted the details, the system will display the status, indicating that your PAN is valid or properly authenticated. These simple steps can save you from potential financial issues down the road.

Compliance with PAN and KYC Norms

The Know the Consumer (KYC) standard is mandatory for various financial transactions, including opening a bank account, investing in mutual funds, or buying insurance Your PAN verification status is an important part of the KYC process in. If your PAN is not verified, your KYC will be considered incomplete, resulting in restrictions on your financial activities or even freezing of your account.

Steps to Correct PAN Error

If you find that your PAN details are incorrect or not verified, it is important to take immediate action. The Income Tax Department provides a correction form (Form 49A) which can be submitted online to rectify any mistake. This process usually involves submitting supporting documentation to verify your identity and resolve discrepancies. Ensuring that your PAN details are correct can prevent possible bankruptcy.

Conclusion

PAN verification status plays an important role in shaping your financial life. From filing taxes to loan applications, preventing fraud to complying with KYC norms, the implications of unauthenticated or incorrect PAN go far By checking your PAN regularly and updating your PAN on the other side of the certification status, you can ensure smooth financial transactions and protect yourself against potential risks. In today’s tough economic climate, you don’t just have to be proactive about PAN verification; it’s an important step towards securing your financial future.

[filinggst]

How to link Aadhaar with Income Tax Return? - Tax Craft Hub

Linking your Aadhaar with your Income Tax Return (ITR) is a simple process that can be done online through the Income Tax e-filing portal. First, ensure that your Aadhaar number is updated in the e-filing portal by logging into your account. Once logged in, go to the "Profile Settings" section and select "Link Aadhaar." Enter your Aadhaar number and name as per your Aadhaar card, then click "Link Now." If your details match with the records, the Aadhaar will be successfully linked to your PAN. This linkage is crucial, as it is mandatory for processing your ITR and avoiding penalties.

For More Information About How to link Aadhaar with Income Tax Return

[slnconsultancy]

Step-by-Step Guide to PF Registration for Employers

SLNConsultancy #SLNPFConsultancy #SLNESIConsultancy #SLNPFESIConsultancy

The Provident Fund (PF) is an essential social security measure for employees, offering financial stability and retirement benefits. Employers must register their organization with the Employees' Provident Fund Organization (EPFO) to comply with legal requirements and provide these benefits to their employees. Here’s a comprehensive step-by-step guide for employers on how to register for PF.

Step 1: Determine Eligibility

Before starting the registration process, ensure your organization is eligible for PF registration. Generally, PF registration is mandatory for:

Organizations with 20 or more employees. Specific establishments, even if they have fewer than 20 employees, as notified by the Central Government.

Step 2: Gather Necessary Documents

Prepare the required documents for the registration process. These typically include:

PAN Card of the establishment. Address proof of the establishment (e.g., utility bill, rental agreement). Proof of incorporation or registration (e.g., Certificate of Incorporation, partnership deed). Details of the proprietors, partners, or directors (e.g., PAN, Aadhaar). Bank account details of the establishment. Digital signature of the authorized signatory.

Step 3: Register on the EPFO Portal

Visit the EPFO Website:

Go to the EPFO's official website (https://www.epfindia.gov.in).

Navigate to Employer Section:

On the homepage, click on "For Employers" and then select "Online Registration of Establishment (OLRE)."

Sign Up:

If you are a new user, click on "Sign Up" to create your login credentials. Fill in the required details, including the employer's name, email address, and mobile number, and set a password.

Login:

After successful sign-up, log in to the portal using your credentials.

Step 4: Fill the Employer Registration Form

Form 5A: Once logged in, you will be directed to the “Establishment Registration” page. Here, you need to fill in Form 5A, which includes:

Establishment details (name, address, type of establishment).

Employee details.

Details of proprietors, partners, or directors. Branch and division details, if any.

Upload Documents:

Upload the scanned copies of the necessary documents mentioned in Step 2. Ensure that the documents are clear and legible.

Digital Signature:

Attach the digital signature of the authorized signatory. This is mandatory for verifying the authenticity of the information provided.

Step 5: Submit the Application

After completing Form 5A and uploading the required documents, review the details to ensure accuracy. Once satisfied, submit the application.

Step 6: Receive PF Registration Certificate

Upon successful submission, the EPFO will review your application and documents. If everything is in order, the EPFO will generate a PF registration certificate, also known as the Establishment Code Number.

Step 7: Activate UAN for Employees

With the PF registration completed, the next step is to generate and activate the Universal Account Number (UAN) for your employees. The UAN is a unique number assigned to each employee that links all PF accounts across different organizations.

Login to EPFO Employer Portal:

Use your credentials to log in to the EPFO employer portal.

Employee Registration:

Navigate to the “Member” section and select “Register Individual.” Fill in the employee details and generate the UAN.

Share UAN with Employees:

Provide the UAN to your employees and guide them on how to activate it on the EPFO member portal.

Step 8: Monthly PF Contributions

Post-registration, ensure timely and accurate PF contributions are made for your employees. This includes:

Deducting the employee's share from their salary. Adding the employer's share. Depositing the total contribution to the EPFO account.

Step 9: Filing PF Returns

Employers must file monthly and annual PF returns to the EPFO. Ensure compliance with all reporting requirements to avoid penalties.

Conclusion

Registering for Provident Fund is a critical responsibility for employers, ensuring employees receive their entitled social security benefits. By following this step-by-step guide, employers can efficiently complete the PF registration process and comply with legal obligations, fostering a secure and supportive work environment for their employees.

[udyam09]

Legal and Regulatory Aspects of Udyam Registration: What Businesses Need to Know

The Micro, Small, and Medium Enterprises (MSME) sector is a vital component of India’s economy, contributing significantly to employment, exports, and GDP. Recognizing the importance of this sector, the Indian government introduced the Udyam registration system, a more streamlined and efficient process for MSMEs to formalize their operations. This article delves into the legal and regulatory aspects of Udyam registration, highlighting what businesses need to know to navigate the system effectively.

Background: Transition to Udyam Registration

Udyam registration, launched on July 1, 2020, replaced the Udyog Aadhaar Memorandum (UAM) system. This new system aims to simplify the registration process for MSMEs, making it more transparent and accessible. The Udyam portal integrates with other government databases, such as the Aadhaar and GST networks, to verify information and streamline the process. The shift from UAM to Udyam was driven by the need to provide a more robust and efficient framework for MSME registration and to better align with contemporary business environments.

Legal Framework Governing Udyam Registration

The Udyam registration process is governed by the MSME Development Act, 2006, which has been amended to incorporate the new registration system. The Act outlines the criteria for classifying enterprises as micro, small, or medium based on investment in plant and machinery or equipment and annual turnover. This dual criterion ensures a more inclusive classification system, reflecting the true size and capabilities of businesses.

Definition of MSMEs:

Micro Enterprises: Investment in plant and machinery or equipment not exceeding ₹1 crore and turnover not exceeding ₹5 crore.

Small Enterprises: Investment in plant and machinery or equipment not exceeding ₹10 crore and turnover not exceeding ₹50 crore.

Medium Enterprises: Investment in plant and machinery or equipment not exceeding ₹50 crore and turnover not exceeding ₹250 crore.

These definitions are crucial as they determine the eligibility of enterprises for various government schemes and incentives.

Regulatory Requirements for Udyam Registration

Mandatory Aadhaar Number:

The Udyam registration process requires the Aadhaar number of the proprietor, partner, or director of the enterprise. This requirement helps in the authentication and verification of the business entity and its owners.

GST and PAN Integration:

While GST registration is not mandatory for all MSMEs, businesses registered under GST must link their GSTIN with their Udyam registration. Additionally, the Permanent Account Number (PAN) of the business entity is crucial for the registration process, especially for medium enterprises.

Self-Declaration:

The registration process involves a self-declaration by the business regarding its classification, which includes providing details about investment and turnover. This self-declaration simplifies the process and reduces the compliance burden on MSMEs.

No Renewal Requirement:

Once registered, there is no need for renewal of Udyam registration. This is a significant change from the previous system, where renewal was periodically required, adding to the compliance burden.

Exemption from Certain Licenses:

Udyam-registered enterprises may be exempt from certain licenses and approvals required under state laws, depending on the sector and location. This exemption aims to facilitate ease of doing business and reduce bureaucratic hurdles.

Compliance and Penalties

Non-compliance with Udyam registration requirements can result in penalties. For instance, providing false information during registration can lead to the cancellation of the registration and other legal consequences under the MSME Development Act. Additionally, businesses that do not update their information as required or fail to comply with other regulatory norms may lose their eligibility for benefits and incentives.

Benefits of Udyam Registration

Access to Government Schemes:

Registered MSMEs can avail themselves of various government schemes, including credit facilities, subsidies, and grants. These schemes are designed to support the growth and development of the sector.

Easier Access to Finance:

Udyam registration enhances the credibility of businesses, making it easier for them to secure loans and other financial products from banks and financial institutions.

Market Opportunities:

Registered MSMEs can participate in government tenders and procurements. Many government departments and public sector undertakings have mandates to source a certain percentage of their requirements from MSMEs.

Subsidies and Tax Rebates:

MSMEs may be eligible for various subsidies and tax rebates, including those related to technological upgrades, energy conservation, and quality improvement.

Conclusion

The Udyam registration system represents a significant step towards simplifying and streamlining the registration process for MSMEs in India. By understanding the legal and regulatory aspects, businesses can ensure compliance and take full advantage of the benefits available to them. The system not only facilitates easier access to government schemes and financial products but also helps in creating a more transparent and accountable MSME ecosystem. As the Indian economy continues to recover and grow post-pandemic, the role of a well-regulated MSME sector, supported by systems like Udyam registration, will be crucial in driving sustainable development and inclusive growth.

[babatax]

Govt collects Rs 600 crore penalty for delay in PAN-Aadhaar linking

PAN-Aadhaar linking: The government has collected over Rs 600 crore as penalty for delay in linking PAN with Aadhaar, and about 11.48 crore Permanent Account Numbers are still not linked with biometric identity, Parliament was informed. “Number of PANs not linked with Aadhaar, excluding exempted categories, is 11.48 crore as on January 29, 2024,” Minister of State for Finance Pankaj Chaudhary…

[enterslices]

Food License Renewal: A Step-by-Step Guide

A food license is a document issued by the government that allows a food business to operate legally. Food licenses are required for all food businesses, regardless of size or type.

In India, food licenses are issued by the Food Safety and Standards Authority of India (FSSAI). The FSSAI requires all food businesses to renew their licenses on a regular basis.

The frequency of food license renewal depends on the type of license you hold. For example, basic FSSAI registration is valid for one year, while state and central licenses are valid for five years.

How to renew your food license:

The process for renewing your food license is relatively simple. You can renew your license online through the FSSAI website.

To renew your license online, you will need to:

Log in to the FSSAI website using your existing credentials.

Click on the "License Renewal" link.

Select the state/UT in which your food business is located.

Enter your license number.

Review and update your license details, as needed.

Pay the renewal fee.

Submit your application.

Once you have submitted your application, you will receive a confirmation email. The FSSAI will then process your application and issue your renewed license within 7-10 business days.

Documents required for food license renewal:

The following documents are required for food license renewal:

A copy of your existing food license.

A copy of your PAN card.

A copy of your Aadhaar card.

A copy of your bank statement.

A copy of your rent agreement or property tax receipt.

A copy of your food safety management plan (FSMP).

Tips for food license renewal:

Here are some tips for food license renewal:

Start the renewal process early. This will give you plenty of time to gather all of the required documents and complete the application process.

Make sure that all of your documents are in order. Incomplete or inaccurate documents can delay the renewal process.

Pay the renewal fee on time. Late payments may result in a penalty.

Review your license details carefully before submitting your application. Make sure that all of the information is correct and up-to-date.

If you have any questions or concerns, contact the FSSAI or a qualified food licensing consultant.

Conclusion:

Renewing your food license is an essential part of running a food business. By following the steps outlined in this guide, you can ensure a smooth and hassle-free renewal process.

[meghalayacareer]

How To Link Your PAN Card With Aadhaar?

Link Your PAN Card With Aadhaar: It has been made mandatory to link your PAN card with Aadhaar. Your income tax return would not be processed if your Aadhaar is not linked with your PAN. Linking your PAN with Aadhaar is also indispensable if you are carrying out banking transactions for an amount of Rs.50,000 and above. According to the IT Department, if you do not link your PAN to Aadhaar, then it will become invalid under Section-139AA of the Income Tax Act. And once it becomes invalid, you will not even be able to file ITR online and your tax refund may get stuck. Apart from this, you will not be able to use PAN in any financial transaction. As per the latest Govt. of India directive, if you fail to do PAN Aadhaar linking, your PAN will become ‘inoperative’ after 30th June 2023. If the PAN card is not linked to Aadhaar, an individual will also not be able to invest in mutual funds, stocks or open a bank account among other things as furnishing a PAN card in all those cases is a must. How to Link PAN Card with Aadhaar? Linking a PAN card with an Aadhaar card is very simple and you can link your Aadhaar number with your PAN in any of the two ways: Step 1: Using the SMS facility Step 2: Use the facility on the e-Filing portal https://incometaxindiaefiling.gov.in How to Link PAN Card with Aadhaar via SMS? To link your PAN with your Aadhaar by sending an SMS, you need to follow the steps mentioned below: Step 1: Type UIDPAN on your mobile Step 2: Send it to 567678 or 56161 Example: UIDPAN 123456789123 ABCDE1234F How to Link PAN Card with Aadhaar via Income Tax e-filing website? Here is the procedure to link your pan card with your Aadhaar through Income Tax e-filing website Step 1: Go to www.incometax.gov.in. Scroll down to reach the ‘Our Service tab. Step 2: Click on the "Link Aadhaar" option. A new page will be opened. Step 3: Enter the following credentials # PAN; # Aadhaar no. # Name as exactly specified on the Aadhaar card and # Mobile number   In case only the year of birth is mentioned in your Aadhaar card, then select the check box asking “I have only year of birth on my Aadhaar card”. Tick on the box that says, “I agree to validate my Aadhaar details”. It is mandatory to select this check box to proceed further with Aadhaar linking. Step 3: Click on the "Link Aadhar" tab. Step 4: You will receive a 6-digit Time Password on your mobile number. Enter this OTP on the verification page on your screen. Once you enter the OTP, click on the ‘Validate’ button. How to Check the Status of PAN Card Link with Aadhaar? Here are the key steps to check whether your PAN Card is linked with your Aadhaar successfully or not. Step 1: Visit the Income Tax Department’s official website and go to Aadhaar Status or click on the link incometaxindiaefiling.gov.in/aadhaarstatus. Step 2: Enter your PAN and Aadhaar Number. Step 3: Next click on ‘View Link Aadhaar Status’. Step 4: If it was already linked, a message will be popped up - "Your PAN is linked to Aadhaar number  " Important Web-Links of PAN – Aadhaar Linking Link PAN Card with Aadhaar Click Here Check PAN Aadhaar Link Status Click Here Official Website Click Here The consequence of not Linking PAN – Aadhaar An individual who does not link their Aadhaar card with a PAN card by 30th June 2023 stands to lose the operability of their PAN card. It is to be noted that a PAN Card is needed to fulfil Know Your Customer (KYC) norms from clearing houses to banks and even e-wallets. If a PAN card becomes, all these services will invariably be affected. Even if you miss the deadline, you can still link PAN-Aadhaar but with a penalty of Rs 1,000 and other consequences as well. An inoperative PAN card will affect one's bank account savings as the interest earned on your bank account savings. The TDS (Tax Deduction at Source) levied on interest beyond Rs 10,000 annually will double to 20 per cent in the event of the bank not being linked to PAN Card. The TDS levied on interest beyond Rs 10,000 for bank accounts linked with PAN card is 10%. Also, a penalty of Rs 10,000 may apply under Section 272B of the Income Tax Act, if you fail to link the two documents by the deadline and your PAN becomes inoperative and it will be assumed that your PAN has not been furnished as required by the law. Read the full article

[shikhachopra]

PAN or Permanent Account Number is a unique 10-digit alphanumeric code produced and assigned by the Income Tax Department. Whereas, Aadhaar is a 12-digit unique identity number produced and assigned by UIDAI or the Unique Identification Authority of India. The Government has made it mandatory to link both these documents with each other. Not completing this mandatory process will result in a penalty and many other consequences.

[funnysideolife]

Finance Minister Nirmala Sitharaman defends imposing fine for not linking PAN with Aadhaar - The Hindu

The most inhuman government of all times .Does the Modi goverment know this fine is on all those who do not pay incometax .Many people were unaware that these cards have to be linked.

They r only working for rich people don't care at all for common men They r autocrats,

[rpacpc]

PAN Status Unveiled: Navigating Tax Regulations with Confidence

In the realm of taxation, the Permanent Account Number (PAN) is a crucial identification code for individuals and businesses in India. With the ever-evolving tax landscape, understanding PAN status and navigating through tax regulations is imperative. This blog post aims to provide comprehensive insights into PAN status, its significance, and how to maneuver tax regulations with confidence. 

Unveiling the Significance of PAN Status 

The Permanent Account Number (PAN) is a unique ten-digit alphanumeric identifier issued by the Income Tax Department of India. It serves as an essential tool for tracking financial transactions and ensuring tax compliance. PAN status holds great importance due to the following reasons: 

Financial Transactions: PAN status is vital for various financial activities, including opening bank accounts, conducting high-value transactions, and investing in securities. It acts as a safeguard against fraudulent transactions by providing a traceable record. 

Tax Filing: PAN status is mandatory for filing income tax returns. It helps the government monitor tax payments and prevent tax evasion, contributing to a fair and transparent taxation system. 

Property Transactions: PAN status is required for property transactions beyond a specified threshold. This measure curbs black money and enhances transparency in real estate dealings. 

Navigating PAN Status and Tax Regulations 

Understanding PAN status and effectively navigating tax regulations is essential to avoid penalties and ensure a seamless compliance process. Here's how you can do it with assurance: 

Applying for PAN: If you don't have a PAN, apply for one through the official portal of the Income Tax Department. Fill out the application form with accurate details to expedite the process. 

PAN Verification: Verify PAN status online to confirm its authenticity. This prevents misuse of your PAN details and safeguards against identity theft. 

Updating PAN Details: In case of any changes in personal information, such as name, address, or contact details, update your PAN records promptly to maintain accuracy. 

Linking PAN with Aadhaar: As per government regulations, linking your PAN with Aadhaar is mandatory. This linkage streamlines various financial activities and prevents duplication. 

Tax Planning: Leverage your PAN status for effective tax planning. Keep track of your financial transactions and investments to optimize tax deductions and exemptions. 

Ensuring Compliance and Security 

While understanding PAN status and tax regulations is crucial, ensuring compliance and security should also be a top priority: 

Timely Tax Filing: Adhere to tax filing deadlines to avoid penalties. Your PAN status will reflect your tax payment history, showcasing your commitment to compliance. 

Securing PAN Documents: Keep physical and digital copies of your PAN card in a secure location. Avoid sharing your PAN details with unauthorized individuals. 

Regular Updates: Stay informed about changes in tax regulations and PAN-related policies. This knowledge will empower you to adapt to new requirements seamlessly. 

Professional Assistance: If you find tax regulations complex, seek professional assistance from chartered accountants or tax consultants. They can guide you through intricate matters. 

Understanding the Importance of PAN Status 

In the realm of financial transactions, having a PAN (Permanent Account Number) is not just an obligatory identification number; it's a pivotal factor that holds significant importance. PAN status plays a crucial role in various financial activities, from taxation to investments, and its understanding is paramount for individuals and entities alike. 

Importance of PAN for Individuals 

Taxation: PAN status is mandatory for filing income tax returns in India. It enables the government to track an individual's financial activities and ensures proper tax assessment. With a PAN, taxpayers can accurately report their income and claim deductions, contributing to a transparent tax ecosystem. 

Financial Transactions: A PAN is required for high-value financial transactions such as purchasing or selling properties, buying vehicles, and opening bank accounts. It helps in curbing black money circulation by establishing a connection between the individual and the transaction. 

Investments: PAN status is indispensable for investing in mutual funds, stocks, and other financial instruments. It helps regulatory authorities monitor investment activities, ensuring that investors comply with relevant regulations and preventing fraudulent activities. 

Opening Bank Accounts: Opening a bank account, particularly a savings or fixed deposit account, mandates providing a PAN. This measure aids in verifying the source of funds and preventing illegal activities. 

Importance of PAN for Businesses 

Legal Entity: PAN status is crucial for registering a business entity in India. It is required for obtaining licenses, permits, and conducting financial transactions in the entity's name. This ensures transparency and accountability in business operations. 

Financial Reporting: Businesses with PAN status can accurately report their financial transactions and income. This facilitates proper accounting practices and helps in avoiding discrepancies in financial statements. 

Tax Compliance: Just as individuals file income tax returns, businesses also need to file their tax returns. PAN status helps businesses meet their tax obligations, avoid penalties, and maintain their credibility. 

GST Registration: For businesses exceeding a certain turnover threshold, obtaining a PAN is essential for GST (Goods and Services Tax) registration. This enables them to comply with indirect tax regulations and contribute to the country's revenue. 

In a world driven by digitalization and transparency, the importance of PAN status cannot be overstated. It serves as a linchpin in connecting financial activities with the relevant individuals or entities, contributing to a more accountable and well-regulated financial ecosystem. Whether you're an individual or a business entity, understanding and maintaining a valid PAN status is not just a legal requirement but a responsible step towards contributing to the nation's economic growth and development. 

So, ensure that you possess a PAN and keep it up to date to navigate the financial landscape smoothly, staying on the right side of the law, and securing your financial future. 

Conclusion 

In the dynamic landscape of taxation, PAN status serves as a cornerstone for financial transactions and tax compliance. By understanding its significance and navigating through tax regulations with confidence, individuals and businesses can ensure a seamless and hassle-free experience. Stay informed, keep your PAN status updated, and embrace the world of taxation with assurance.

[financeguys]

The Impact of PAN Card on Income Tax Return Filing

The Permanent Account Number (PAN) card contains a unique identification number issued by the Income Tax Department to track the financial transactions of individuals and entities. You may want to look up how to link aadhaar card with a PAN card if you haven’t linked them already. 

Below is the impact of a PAN card on income tax return filing.

PAN Card is a compulsory document for filing an income tax return

According to the rules laid down by the Income Tax Department, all individuals and entities must have a PAN card to file an income tax return. Failure to produce a PAN number can lead to penalties. It also serves as an address proof for tax filing, meaning that your returns will be handled and processed in the State of residence as recorded in your PAN card. Any dispute will be under that jurisdiction. You may apply for an update of address on your PAN card if you change your residence.

PAN details enable the government to track financial transactions

When you file your income tax return, you need to declare all your sources of income, including salary, rent, interest, dividends, capital gains, etc. By quoting your PAN number, the government can easily track your financial transactions and verify the accuracy of your income tax return. It also helps the government to detect tax evasion and prevent black money from circulating in the economy.

It is essential to have a PAN card to claim tax refunds 

Taxpayers who have paid more tax than their actual tax liability, are eligible to claim a tax refund. However, to claim the tax refund, they need to file an income tax return and quote their PAN number correctly. Thus, having a PAN card is essential for claiming tax refunds.

Conclusion

The PAN card is an important document for Indians. A taxpayer needs to mention PAN details in all exchanges with the IT department and also needs to furnish it to be able to make high-value financial transactions. However, there may be some situations, where the PAN and Aadhaar numbers are interchangeably used for verification purposes. People who do not have a PAN but possess an Aadhaar can furnish the Aadhaar instead of PAN, and later, a PAN will be issued. This is why it is important to link your aadhaar card with your PAN card.

 Do look up how to link aadhaar card with PAN card in order to activate this. 

[worldspotlightnews]

PAN-Aadhaar Link New Deadline: How Much Penalty You Need To Pay Now?

Linking your Aadhaar to your PAN will keep the tax return procedure from getting cancelled and will also aid in summarising the taxes related to the Aadhaar for future reference (Image: News18 Telugu) More than 51 crore PANs have already been linked with Aadhaar till date Even as the government has extended the deadline of linking PAN and Aadhaar to June 30, 2023, people are need to pay a…

[trendingnewsalert]

Aadhaar-PAN Link Last Date Extension 2023

Aadhaar-PAN Link: The last date to link your Aadhaar Card with PAN Card is here and as per last updates

Aadhaar-PAN Link: The last date to link your Aadhaar Card with PAN Card is here and as per last updates, March 31, 2023 is the final deadline to do this. However, as per a latest report, the government is likely to extend this deadline but with a penalty. According to a report in the Economic Times, the government is likely to extend this deadline to link PAN with Aadhaar by another two to three months. However, people who will be linking after March 31 may have to pay a late fee. If the deadline to link Aadhaar with PAN is extended, the Central Board of Direct Taxes (CBDT) could also issue a notification soon. Even before this, the CBDT had extended the deadline from March 30, 2022 to this March 31, 2023. Back then, it set a fee of Rs 500 for up to three months from April 1, 2022 and Rs 1,000 after that. As per information available on the Income Tax e-filing website as of today (March 28), PAN cardholders are required to complete the Aadhaar linking process by March 31 by paying a fee of Rs 1000. The official link of PAN-Aadhaar linking is: https://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar) On March 18, the Income Tax department tweeted, “As per IT Act,1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.23. From 1.4.23, the unlinked PAN shall become inoperative.” Read the full article

[new-haryanvi-ragni]

PAN-Aadhaar Linking Deadline Extended: Check New Date, Fees, Penalty And Other Details

The date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions.  source https://zeenews.india.com/personal-finance/breaking-pan-aadhaar-linking-deadline-extended-check-new-date-fees-penalty-and-other-details-2588664.html

[dgbankdbs]

https://www.dbs.com/digibank/in/banking/account/how-to-link-your-pan-with-aadhaar.page

Learn How to Link Pan with Aadhar at Digibank by DBS

Know the procedure of linking an Aadhaar card to a pan card. Save yourself from paying the penalty and understand how to link your Aadhaar with your PAN card in this blog.

[finance-789]

Learn How to Link Pan with Aadhar at Digibank by DBS

Know the procedure of linking an Aadhaar card to a pan card. Save yourself from paying the penalty and understand how to link your Aadhaar with your PAN card in this blog.

https://www.dbs.com/digibank/in/banking/account/how-to-link-your-pan-with-aadhaar.page