PAN will not have to be linked to Aadhaar but heavy on your pocket, you may have to pay a fine of Rs 6000
Pan-Aadhaar Link: Not linking Aadhaar with PAN can cost you a lot. Also, you will have to wait to file income tax as you cannot file ITR in case of an inactive PAN. The last date to link PAN with Aadhaar was June 30. If someone has not linked his PAN with Aadhaar to this date, then his PAN has become inactive.
If you have not yet linked PAN with Aadhaar, then due to this mistake you may have to bear a financial burden of Rs 6000. With this, you may have to wait longer to file ITR for FY 2022-23 and Assessment Year 2023-24.
The last date to link PAN with Aadhaar was June 30, 2023. Due to this, your PAN has been deactivated and it will take maximum 30 days for your PAN to be reactivated. It is very important for PAN to be active for filing income tax. In such a situation, until your PAN is not active, you cannot file ITR.
At the same time, the last date for filing ATR is July 31, and those who file returns after this date will have to pay the penalty.
Any person who submits ATR after the last PAN needs to be above Rs 5 lakh) by the Income Tax Department for late filing of ITR.
Also, to activate your PAN, you have to link it with Aadhaar, whose fee has been reduced to Rs 1000.
5,000 for late filing of ITR and Rs. 1,000 for linking PAN with Aadhaar. In this way, due to not linking PAN with Aadhaar, you are going to have an additional burden of Rs 6000.
You will not get the benefit of some exemption if ITR is filed after the due date. That's why you will not be able to carry forward the loss in the stock market to the next financial year. Apart from this, penalties will be imposed and interest will also have to be paid on the outstanding tax amount.
