Every person who is allotted a PAN and who is eligible to obtain an Aadhar card should link both the numbers on or before March 31, 2022. If you fail to do so, the PAN allotted shall be made inoperative after the given date. However, the Income Tax Department will allow you to intimate your Aadhar number even after March 31, 2022 by making a payment of ₹500 if you do so between April 1, 2022 and June 30, 2022 and thereafter by paying ₹1,000 up to the given time limit.
If PAN becomes inoperative, it shall be deemed that you have not furnished, intimated or quoted PAN and accordingly you will be liable to the consequences arising thereon. The consequences shall come into effect from April 1, 2023 if you fail to link PAN with Aadhar even within the extended one year timeframe. Thereafter, you may face tax deduction at a higher rate. You may also not be able to file return of income which will result in penalty and prosecution.
I am an individual. My father died in 2015. In 2019, the Income Tax Department reopened the file for AY 2014-15. I have informed the department regarding my father's demise. However, they are insistent about reassessment and collection of demand from me given that I am a legal heir. What is the correct legal position?
This story is from the May 09. 2022 edition of Dalal Street Investment Journal.
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This story is from the May 09. 2022 edition of Dalal Street Investment Journal.
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