PAN-Aadhaar Linking: Non-Compliance Penalty Soars to Rs 600 Crore
The total fee collected from individuals who haven't linked their PAN with Aadhaar amounts to Rs 601.97 crore from July 1, 2023, to January 31, 2024.
PAN-Aadhaar Linking: Non-Compliance Penalty Soars to Rs 600 Crore
The government has gathered over Rs 600 crore in penalties due to delays in linking PAN with Aadhaar. As of January 29, 2024, around 11.48 crore PANs are still not linked with Aadhaar. Minister of State for Finance provided this information in a written response in the Lok Sabha. Regarding earnings from late penalties of Rs 1,000 for individuals who missed the June 30, 2023 deadline to link their PAN and Aadhaar, the details were sought.
The total fee collected from individuals who haven't linked their PAN with Aadhaar amounts to Rs 601.97 crore from July 1, 2023, to January 31, 2024.
The deadline for linking PAN with Aadhaar was June 30, 2023. The Income Tax department had announced that the PAN of taxpayers who didn't link their Aadhaar would become inactive from July 1, 2023, with no refunds issued for such PANs.
Additionally, higher rates of TDS and TCS would be applied. To reactivate the PAN, individuals can pay a late fee of Rs 1,000.
Also Read: Government Sends Personalized Emails to 4.4 Million Taxpayers Regarding Significant Discrepancies
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Krishna Gopal Varshney
An editor at apnokacaKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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Krishna Gopal Varshney
An editor at Myitronline
Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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