February 27, 2024

The deadline for linking Aadhaar and PAN playing cards is over. A PAN card that has grow to be inoperative isn’t the identical as an inactive PAN. On July 18, the Earnings Tax (IT) Division responded to taxpayers’ misunderstanding about submitting Earnings Tax Returns (ITR).

PAN cardholders should pay a payment for reactivating their playing cards. Non-resident Indians (NRIs) can nonetheless use their PAN card to finish the ITR type, in accordance with the IT division.

The Division confirmed this on Twitter, saying, “Considerations have been raised by sure NRIs/ OCIs relating to their PANs turning into inoperative, even if they’re exempt from linking their PAN with Aadhaar.” Moreover, PAN holders whose PANs have grow to be inoperative because of the non-linking of PAN with Aadhaar have expressed fear in regards to the penalties of PAN being inoperative.”

Additionally Learn: Earnings Tax Division Broadcasts Up to date Pointers For Money Restrict At Dwelling

NRIs and Abroad Residents of India (OCIs) who fall into the classes specified within the tweet are requested to contact their native Jurisdictional Assessing Officers (JAOs) and supply the mandatory documentation to replace their residence standing within the database. The IT division has additionally supplied a hyperlink to the JAO listing to help people in figuring out officers.

The Earnings Tax Division added that an inoperative PAN card has no influence on submitting revenue tax returns. Taxpayers can nonetheless submit ITRs with an inactive PAN card, however there could also be sure penalties, comparable to an elevated tax deduction charge and a delay in refund processing.

NRIs and OCIs whose residential standing has not been modified have had their playing cards deactivated. PAN playing cards of OCIs or international nationals who haven’t accomplished their ITR types within the earlier three evaluation years have been eradicated. The Earnings Tax Division famous that NRIs and OCIs can preserve their tax filings operating easily in the event that they replace their PAN card database.

Aadhaar and PAN linkage isn’t required for individuals of Assam, Jammu and Kashmir, and Meghalaya, non-residents beneath the Earnings Tax Act of 1961, these above the age of eighty, and people who aren’t residents of India.

Additionally Learn: Key Earnings Classes To Report Whereas Submitting Earnings Tax Return for 2023