Less Than 4 Weeks Left To Link PAN With Aadhaar. Here’s Why You Need To Do It

Less Than 4 Weeks Left To Link PAN With Aadhaar. Here’s Why You Need To Do It

Income tax assessees are required to link their PAN or Permanent Account Number with Aadhaar (Unique Identity Number) by the end of the month. According to the Income Tax Department, income tax assessees need to link the two identification numbers – the 10-digit PAN and 12-digit Aadhaar – by March 31, 2019. This will be essential for filing an income tax return (ITR). The Income Tax Department has announced March 31 as the due date for assessees to link the two. That means if you haven’t linked your PAN card with Aadhaar card yet, you have less than four weeks to do so. The mandatory linking of Aadhaar and PAN is applicable to PAN holders requiring filing of income tax return, according to the taxman’s website – incometaxindia.gov.in.

The taxman has also urged the income tax assessees to link their PAN with their bank accounts. “Get your refund directly, swiftly and securely in your bank account,” the Income Tax Department said on microblogging website Twitter. Stating that it would issue “only e-refunds” from March 1, 2019, the I-T department said the (income tax) refunds would be credited to bank accounts linked with PAN. This will be applicable to savings, current, cash and overdraft accounts, according to the income tax website.

Currently, the Income Tax Department issues refunds to assessees either in their bank account or through account payee cheques. The Income Tax Department also said the assessees will be able to check the status of linkage of a bank account with a PAN through its e-filing portal, incometaxindiaefiling.gov.in.

Here’s how to link PAN with bank account

The Income Tax Department has listed steps for assessees whose PAN is not linked to their bank account to take up the linkage:

  • Provide PAN details to the bank branch
  • Validate the bank account by logging in to Income Tax Department’s e-filing portal
  • Once logged on to e-filing portal, fill up details by selecting “pre-validate your account” link under “profile setting” section

If the bank is integrated with the e-filing portal, the pre-validation will be done “directly through EVC and net banking route”, the Income Tax Department noted. However, if it is not integrated, the Income Tax Department will validate the bank account from the details provided by the user, according to the taxman.

PAN or Permanent Account Number is a ten-digit alphanumeric number issued by the Income Tax Department to an assessee. PAN enables the taxman to link transactions of the person. These include tax payments, TDS(tax deducted at source)/TCS (tax collected at source) credits and income tax returns.
Source:- ndtv
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