Government announces extension of Aadhaar-PAN linking deadline.

 

Aadhaar-PAN linking due date Extension: 31 march to June 30, 2023

Today ie on 28 March 2023, The government extended the due date for linking PAN cards to Aadhaar from March 31, 2023, to June 30, 2023

The Central Board of Direct Taxes (CBDT) announced that the deadline for linking PAN and Aadhaar has been postponed to provide taxpayers extra time. Before, the last/due date for linking PAN to Aadhaar was March 31, 2023. Failing to do so, as stated by the income tax authority, would have rendered the unlinked PAN useless.

Until March 31, 2022, the Aadhaar-PAN linkage was free. From April 1, 2022, a tax of Rs 500 was levied, which was gradually increased to Rs 1,000 on July 1, 2022.

Consequences if your PAN becomes inoperative:

The PAN of individuals who will neglect to notify their Aadhaar as needed would become inoperative on July 1, 2023, and the repercussions will be as follows throughout the period that the PAN remains inoperative:

• There will be no refunds issued against such PANs.
• TDS and TCS will be deducted/collected at a higher rate, as specified by the Act.
• Interest on such reimbursement shall not be due during the period in which PAN is inoperative

After informing the prescribed authority and paying a cost of Rs.1,000, the PAN can be rendered operational again in 30 days individuals who have been spared from a PAN-Aadhaar connection will not be subject to the above-stated penalties. This category includes residents of designated states, non-residents as defined by the Act, individuals who are not citizens of India, and individuals who were eighty years of age or older at any time during the previous year. It is estimated that over 51 crore PANs have already been connected with Aadhaar. PAN can be linked to Aadhaar by using the following methods:

Steps to link your PAN to Aadhaar Card

Step 1: Go to the official e-filing website.

The very first step is to go to the authorized Income Tax e-filing website, which can be found at https://www.incometaxindiaefiling.gov.in. When you get to the website, search for the ‘Link Aadhaar’ choice underneath the ‘Quick Links’ section on the left side of the homepage.

Step 2: Enter your PAN and Aadhar card information.

After selecting the ‘Link Aadhaar’ option, users will be taken to a new page where they must input their PAN and Aadhaar information. Check that the identity, date of birth, and gender information you give on this page match the information on your Aadhaar and PAN cards.

Step 3: Type in the captcha code and press the ‘link Aadhaar’ button.

After entering your PAN and Aadhaar details, you must complete the captcha code given on the page. Make sure you type the captcha code accurately, as any errors could result in the linking procedure being rejected. After entering the captcha code, click the ‘Link Aadhaar’ option.

Step 4: Check the status of the Aadhaar-PAN linking.

After you click the ‘Connect Aadhaar’ button, you will be taken to a new website where you may check the Aadhaar-PAN linking status. If your Aadhaar and PAN have been successfully linked, a notification will appear on the screen confirming the same.

If you see any differences or errors, re-enter your data and attempt to link your Aadhaar and PAN again. You can also get assistance from a nearby Aadhar Seva Kendra or PAN card office.

Step 5: Connect your Aadhaar and PAN via SMS.

You can also link your Aadhaar to your PAN by sending an SMS in the following format to 567678 or 56161: UIDPAN12-digit Aadhaar>10-digit PAN>. If your Aadhaar number is 123456789012 and your PAN is ABCDE1234F, send the following message: UIDPAN 123456789012 ABCDE1234F.

Step 6: Use the income tax department’s mobile phone app to link your Aadhaar to your PAN.

You can also use the income tax department’s mobile app to link your Aadhaar to your PAN. To do so, install the app from the Google Play Store or the Apple App Store and sign in with your PAN information. After logging in, click the ‘Link Aadhaar’ option and follow the on-screen steps.

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Income Tax Information

 

Income of more than 7 lakhs is also tax-free,
total tax will not have to be paid

Income tax exemption: Big relief to the taxpayers: Income of more than 7 lakhs is also tax-free, the entire tax will not have to be paid and Will get benefit from a small margin

Under Finance Bill 2023, tax exemption has also been given on income of more than Rs 7 lakh. Under this, individuals earning income slightly above the tax-free income of Rs 7 lakh will have to pay tax only on the additional income of Payment.

New Delhi. After announcing major changes in the income tax slab in Budget 2023, now the Modi government has given another big relief to the taxpayers. In the first budget, Finance Minister Nirmala Sitharaman changed the new tax regime and kept income up to Rs 7 lakh out of tax.

Now under the Finance Bill 2023, tax exemption has also been given on income of more than Rs 7 lakh. For this, amendments have been made to the Finance Bill. Under this, individuals earning income slightly above the tax-free income of Rs 7 lakh will have to pay tax only on the additional payment.

The Finance Bill 2023 has been approved by the Parliament and it will become effective from 1 April. In this, some relief has been given to taxpayers under the new tax regime through amendment.

Finance Ministry explained the rules

Clarifying the provision of the Finance Bill 2023, the Finance Ministry has said that under the new tax regime, if a taxpayer’s annual income is Rs 7 lakh, then there is no tax liability on him. But if the income becomes Rs 7,00,100, then the tax liability becomes Rs 25,010. That is, due to additional income of only Rs 100, taxpayers have to pay a tax of Rs 25,010. In view of this problem of taxpayers, it has been proposed to give minor relief through amendment in Finance Bill 2023.

Taxpayers will get the benefit of small margin

Let us understand this relief given by the government to the taxpayers through an example. Suppose your income is Rs 7,00,100 means Rs 7 lakh 100 means your income is Rs 100 more than tax-free income. Now you have to pay a tax of Rs 25,010 because of the excess of just Rs 100.

The government has given relief to such taxpayers. Under the new proposal, if your income is Rs 7,00,100, then they will not have to pay a tax of Rs 25,010. Rather, they will have to pay a tax of only Rs 100. Tax experts have told according to the calculation individual taxpayers whose income is up to Rs 7,27,777 can get the benefit of this provision.

Income up to 7 lakhs was tax-free in the budget

In Budget 2023, Finance Minister Nirmala Sitharaman announced that now those earning up to Rs 7 lakh will not have to pay any tax. Earlier, after adopting the tax exemption options, no tax had to be paid up to 5 lakhs. But the new tax regime will give an additional benefit of Rs 2 lakh.

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