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PAN-Aadhaar linkage due date extended to March 2022

4 weeks ago 426

NEW DELHI : The government on Friday extended the due date for intimating Aadhaar number to the Income Tax department for linking it with the Permanent Account Number (PAN) to 31 March 2022 from 30 September, said an official statement.

The Central Board of Direct Taxes (CBDT) said the move was in continuation of its commitment to address the hardship faced by stakeholders on account of the Covid-19 pandemic. CBDT had received representations seeking extra time for PAN-Aadhaar linkage.

PAN is mandatory for a host of financial transactions including opening of bank accounts, deposit of cash in bank account, opening of Demat account, transaction of immovable properties and dealing in securities. PAN card is also a means of photo identification accepted by all government and non-government institutions in the country. Since Aadhaar is biometric based and cannot be obtained based on any other identification document, linking the two is important for the tax administration.

The direct tax authority also decided to extend the due date for completing penalty proceedings under the Income Tax Act from 30 September to 31 March. Also, the time limit for issuance of notice and passing of order by the Adjudicating Authority under the Prohibition of Benami Property Transactions Act have been extended to 31 March, 2022. These two changes would aid the authorities in completing statutory proceedings.

In a separate order, CBDT said that no deduction of tax needs to be made on interest payment, other than interest on securities, made by a bank to a member of Scheduled Tribe subject to riders. One of the riders suggest that this applies to payment made during the previous year that does not exceed 2 million. (ends)

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