New Delhi, February 5th: The government has amassed over Rs 600 crore in penalties from individuals who missed the deadline for linking their PAN with Aadhaar cards, disclosed Parliament on Monday.
Minister of State for Finance Pankaj Chaudhary, in a written response to the Lok Sabha, revealed that as of January 29, 2024, the number of PANs not linked with Aadhaar, excluding exempted categories, stands at 11.48 crore.
The deadline for PAN-Aadhaar linkage was June 30, 2023. Failure to adhere to this directive led to the Income Tax Department declaring PAN cards inoperative, with no refunds being issued against such PANs. Additionally, non-compliance attracted higher TDS and TCS.
Individuals can reactivate their PAN by paying a late fee penalty of Rs 1,000.
It has been disclosed by the Union Finance Department that from July 1, last year, to January 31, 2024, a sum of Rs. 601.97 crores has been collected as a delinquency fee for failure to link Aadhaar with PAN. Minister Pankaj Chaudhary furnished this information in response to a query from Trinamool Congress MP Malarai in the Lok Sabha.
The ongoing non-compliance issue underscores that 11.48 crore Aadhaar cards still require linkage with PAN, necessitating urgent action from individuals to avoid penalties and ensure compliance with the Income Tax Act-1961.
