Pan Card: Important news for taxpayers. In fact, according to a latest update, it is being said that from 1st date, these people may face problems in paying income tax. So check all the details beforehand.
Income Tax Return: From April 1, 2023, the process of filing income tax for the financial year 2022-23 will start in the country. Those people whose income is taxable are required to file income tax. However, if you file income tax this time, it may happen that some people may face difficulties in filing income tax. Let’s know why this can happen…
PAN card-
Actually, PAN card is required for filing income tax. PAN card is used for financial transactions and a person gets PAN card only once in the country. At the same time, it is mandatory to link this PAN card with Aadhaar card. Reminder has been given many times by the government to link PAN card with Aadhaar card.
Income Tax-
In such a situation, if the PAN card of a person is not linked to the Aadhaar card by March 31, 2023, then the PAN card of that person will be deactivated. Due to which that PAN card will be closed and many problems will come to the fore including filing income tax through the person. If you do not link your Aadhaar and PAN, then the PAN card will become inactive.
These problems can come-
Once the PAN is deactivated, it will not be possible to furnish, inform or display the PAN number anywhere. Along with this, the highest tax rate will be applied while filing income tax, more TDS will be collected, as well as there may be problems in filing income tax.
Interest and penalty
If you are not able to file income tax, then you may have to pay more interest and penalty. Apart from this, penalty may be imposed for not quoting PAN during financial transactions. Apart from this, if Aadhaar is linked to PAN of a person, then the Income Tax Act allows interchangeability of both. This means that a person can quote Aadhaar or PAN wherever required. However, if these are not linked then interchangeability of these numbers will not be allowed.
Penalty under section 234H-
If a person fails to link Aadhaar with PAN by the due date, he will be held liable for a fee of up to Rs 1,000 at the time of making a request to link PAN with Aadhaar. A fine of Rs 10,000 will also be applicable for non-filing of income tax return.
