Crime Today News
PAN Aadhaar Link
By Naveed Uddin Khan Uzair, Staff Writer
In a recent revelation, the Indian government has amassed a staggering sum of over Rs 600 crore in penalties from individuals who failed to adhere to the deadline for linking their Permanent Account Numbers (PAN) with their Aadhaar cards. This disclosure was made by Minister of State for Finance, Pankaj Chaudhary, in response to queries during a session in the Lok Sabha on Monday.
As per Chaudhary’s written statement, the number of PANs yet to be linked with Aadhaar, excluding those falling under exempted categories, stands at a substantial 11.48 crore as of January 29, 2024. This underscores a significant gap in compliance despite concerted efforts and extensive awareness campaigns by the government.
The deadline for linking PAN with Aadhaar had been set for June 30, 2023. The Income Tax department, through its directives, had warned that PAN cards would become inoperative if taxpayers failed to complete the linkage within the stipulated timeframe. Additionally, the department emphasized that no refunds would be processed against such inactive PANs. Moreover, non-compliance would lead to the imposition of higher Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) rates, adding a financial burden on defaulters.
PAN Aadhaar Link
Individuals found in violation of the linkage mandate can rectify their PAN status by paying a late fee penalty of Rs 1,000. However, despite this provision, a significant number of PAN holders have evidently fallen short of meeting the prescribed deadline.
The substantial sum collected in penalties serves as a stark reminder of the importance the government places on compliance with financial regulations and the linkage of crucial identification documents. The PAN-Aadhaar linkage is a crucial step towards streamlining tax administration and curbing fraudulent practices, ensuring transparency and accountability in the financial ecosystem.
It’s worth noting that the government had previously extended the deadline for PAN-Aadhaar linkage to provide taxpayers with ample time to complete the process. However, despite the extension, a notable portion of PAN holders has yet to fulfill this mandatory requirement.
Moving forward, it remains imperative for individuals to prioritize compliance with regulatory mandates and ensure the timely linking of their PAN with Aadhaar to avoid penalties and other adverse consequences. Moreover, concerted efforts from both government agencies and citizens are necessary to bridge the existing gap and enhance overall compliance rates in the interest of a robust and transparent financial system.
Crime Today News | India
Powered by Yes Mom Hosting
