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Pan Card Holders Account Ban: The account of 13 crore PAN card account holders is going to be banned. The central government has announced its last date. Let’s know what the whole news is?
PAN Card Users: The month of March has started. From LPG to milk prices and many rules of the government department, all have changed. For some, the Indian government has set the last date of this month. One of them is to link Aadhaar card with PAN card. In fact, the Central Board of Direct Taxes (CBDT) has informed that if PAN holders do not follow the instructions given by the government by March 31, then their business and tax related facilities will stop working. In simple language, their account will be banned. Out of the total 61 crore Permanent Account Numbers (PAN), about 48 crore have been linked to the unique identification number Aadhaar so far. There are 13 crore people whose PAN-Aadhaar has not been linked yet. For these people, the government has now rung alarm bells and has also fixed the last date for linking.
Chance is till March 31
Those who do not do so by March 31 will not be able to get benefits in business and tax related activities. Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta said that many crore PANs are still not linked to Aadhaar, but this work is expected to be completed by the end of the March 31 deadline. The government has made it mandatory to link PAN with Aadhaar. For this, the deadline of March 31, 2023 has been set, saying that individual PANs not linked to Aadhaar will be declared inactive after this date. Along with this, the government has said that from the current time to March 31, a fee of Rs 1,000 will have to be paid for linking PAN with Aadhaar.
“Several awareness campaigns have been conducted about linking PAN with Aadhaar and we have extended this deadline several times. If the PAN is not linked to Aadhaar by the stipulated time, then that holder will not be able to get tax benefits because his PAN will not be valid after March. In a circular issued last year, the CBDT had made it clear that once the PAN is deactivated, the person concerned will have to face all the consequences prescribed under the Income Tax Act. This includes situations such as not being able to file income tax returns and not being able to process pending returns. At the same time, he said that the budget announcement to make PAN a common identifier will be beneficial for the business world. Finance Minister Nirmala Sitharaman has announced in the Budget that PAN will now be used as a common identifier by business establishments in digital systems of government agencies.