The Central Board of Direct Taxes (CBDT) has issued the Notification No. 17/2022 on 29th March 2022 in which it has been notified that those assessee who shall do the PAN AADHAR linking after the due date shall have to pay the following late fee:-
a. Rs. 500/- if done within 3 months of the due date
b. Rs. 1000/- in all other cases
In simple words, it is to be understood that the due date for the PAN AADHAR linking date is 31-03-2022 which can be done without any payment of fee. However, if the PAN AADHAR linking is done from 01-04-2022 to 30-06-2022, then the payment of Rs. 500/- shall be done for the linking and if the PAN AADHAR linking is done after 30-06-2022, then the payment of Rs. 1000/- shall be done for this process. For the assessee who have not linked the PAN with AADHAR, the PAN shall become operative till 31-03-2023. From 01-04-2023 onwards, the PAN shall become inoperative for those who have not linked their PAN with AADHAR and as a result, they shall not be able to file their Income tax return, open the bank accounts, open the demat accounts and all other financial transactions until and unless they complete the linking process.
To view and download the Notification, click here
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