NPS Account Ban: If you are NPS account holders, then a very important news has come for you. This information is also for those who do tax related work or have PAN card.
Aadhar PAN Linking NPS Account Ban: The deadline for linking Permanent Account Number (PAN) with Aadhaar has been extended till June 30, 2023 by the Central Board of Direct Taxes. Almost people know this thing, but only a few people will know about it, which facilities will not be available due to non-linking.
Pension regulator Pension Fund Regulatory and Development Authority has said that if someone’s PAN and Aadhaar are not linked by the deadline, then transactions in his NPS account will be restricted. Please tell that if you do not get the link done before the fixed limit, then a penalty of Rs 1000 will have to be paid for getting the link done after that. That’s why, take advantage of the facilities provided by the government in time.
Will be deprived of these facilities too
People who do not do this till June 30, will not be able to get benefits in business and tax related activities. Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta had told that several crore PANs have not been linked with Aadhaar, but this work is expected to be completed by the end of June 30 deadline. The government has made it mandatory to link PAN with Aadhaar. For this, setting a deadline of 30 June 2023, it has been said that individual PANs not linked to Aadhaar will be declared inactive after this date. Along with this, the government has said that a fee of Rs 1,000 will have to be paid for linking PAN with Aadhaar between June 30 from the present time.
Card will be deactivated if not linked
The CBDT chief had said that several awareness campaigns have been conducted regarding linking of PAN with Aadhaar and we have extended this deadline several times. If PAN is not linked with Aadhaar by the due date, the holder will not be able to get tax benefits as his PAN itself will not be valid after March. The CBDT, in a circular issued last year, has made it clear that once PAN becomes inoperative, the person concerned will face all the consequences prescribed under the Income Tax Act.
This includes situations like non-filing of income tax returns and non-processing of pending returns. Along with this, he said that the budget announcement of making PAN a common identifier will be beneficial for the business world. Finance Minister Nirmala Sitharaman has announced in the budget that PAN will now be used by business establishments as a common identifier in the digital systems of government agencies.
