New Delhi: Greater than 17 crore PAN playing cards will develop into inoperative if not linked with the Aadhar by finish of March.
In a transfer with giant scale disruption potential, the Revenue Tax Division has stated that Everlasting Account Quantity (PAN) will develop into inoperative if not linked with Aadhaar by March 31, 2020.
It might be recalled that the deadline for linking of PAN and Aadhar has been prolonged a number of instances and the newest deadline ends on 31 March, 2020.
As per the newest figures, over 30.75 crore PANs have already been linked to Aadhaar. Nonetheless, 17.58 crore PANs are but to be linked with the 12-digit biometric ID.
The Supreme Courtroom had in September 2018 declared Aadhaar as constitutionally legitimate and held that the biometric ID would stay obligatory for the submitting of revenue tax returns and allotment of PAN playing cards.
“Where a person, who has been allotted the permanent account number as on July1, 2017 and is required to intimate his Aadhaar number under sub-section (2) of section 139AA, has failed to intimate the same on or before March 31, 2020, the permanent account number of such person shall become inoperative immediately after the said date for the purposes of furnishing, intimating or quoting under the Act,” the Central Board of Direct Taxes (CBDT) stated.
By a notification, the CBDT amended Revenue Tax guidelines and inserted Rule 114, stipulating the “manner of making permanent account number inoperative”.
The notification stated that individuals whose PANs develop into inoperative shall be responsible for all the implications beneath the I-T Act for not furnishing, intimating or quoting the everlasting account quantity.
For these linking PAN with Aadhaar after March 31, 2020, the I-T division stated it shall “become operative from the date of intimation of Aadhaar number”.
Part 139 AA (2) of the Revenue Tax Act says that each individual having PAN as on July 1, 2017, and eligible to acquire Aadhaar, should intimate his Aadhaar quantity to the tax authorities.