Linking Aadhar with PAN
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Modified on: Tue, 30 Mar, 2021 at 3:40 PM
As Section 139AA was made into the Income Tax Act vide Finance Act 2017 wherein it imposed the following amendments :
Every person who is “eligible to obtain an Aadhaar”, must quote the Aadhaar number in the PAN application form as well as the return of income with effect from 1 July 2017.
Those who did not possess the Aadhaar number could quote their Aadhar enrollment ID in the return of income.
Every person who had been allotted PAN as of 1 July 2017, and has received the Aadhaar number, must intimate the number to the tax authorities by linking PAN and Aadhaar.
Failure to intimate Aadhaar number would lead to the PAN being inoperative from 1st April 2021.
Owing to the above amendments to the Income Tax Rules makes it mandatory to link Aadhaar with PAN, on or before 31st March 2021. Once PAN becomes inoperative, it's deemed that the investor had not furnished, intimated or quoted PAN and accordingly be liable for consequences under the Act.
PAN will become operative once the same is linked with Aadhaar.
Kindly link your Aadhaar with the PAN to avoid any disruptions in transactions or warranting a higher TDS deduction.
Please find herewith attached a user guide on how to link Aadhaar & PAN, sourced from the Income Tax website, for your ready reference.
- AssetPlus
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