Hurry up! Last day for Aadhar Pan Linking

Those who have not yet linked their Aadhar Card with Pan Card will be facing serious issues while filing their Income tax returns. It is to be noted that the deadline for Aadhar Pan linking is August 31, 2017.

If you wish to check whether your Aadhar card is linked with PAN, one will need to login to their account on the income tax department’s e-filling portal – https://incometaxindiaefiling.gov.in/

After logging in, undertake a search for ‘Profile settings’ then click on it to see if the respective Aadhar number is linked with your PAN or not. In case you have not done it yet link your Aadhar with PAN, you must do it immediately.

Consequences of avoiding Aadhar Pan Linking:

Non-processing of ITR

In case the ITR is not yet taken up for processing, it will be dealt as if it is not filed for returns for the financial year 2016-17. The return filed would become null and void. Furthermore, you would have to face fine for not filing up ITR.

Notice from Income Tax

Not linking PAN to Aadhar can attract a penalty of Rs. 5,000 for not filing up your ITR on time. A notice can also be sent under section 142(1) of ITR.

Inability to claim losses

You will also not be able to claim or carry forward losses that include capital losses, business losses and much more.

No refund

Processing of refunds will surely be affected. In case ITR is not processed, refunds will not be granted.

High-interest payment

Interest under section 234 A, B, C will be applicable as per the cases of payment of taxes.If experts are to be concerned, there is still ambiguity regarding the consequences that follow the filing of ITR if you haven’t linked your PAN with Aadhar after the pre-existing deadline of August 31.

As per Section 139 AA (2) of the Income Tax Act, each person who has PAN on July 1, 2017 and eligible for Aadhar should intimate his Aadhar number to the concerned tax authorities.

 

 

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