The Income Tax Department has extended the last date for the linking the Aadhaar with PAN to June 30, 2021. The earlier date of March 31 was changed “in view of the difficulties arising out of the COVID-19 pandemic.”
Along with this, date for issue of equalisation levy statement has also been extended to April 30.
In a tweet, the income tax department said “Date for issue of notice under section 148 of Income-tax Act,1961, passing of consequential order for direction issued by the Dispute Resolution Panel (DRP) & processing of equalisation levy statements also extended to 30th April 2021.”
As per the directives of the Central Board of Direct Taxes (CBDT), it is mandatory for all Permanent Account Number (PAN) cardholders to link their Aadhaar with PAN.
PAN if not linked with Aadhaar shall remain inoperative till such period, it is linked. Inoperative Pan means TDS will be deducted at higher rates, ITR cannot be filed and a penalty of Rs 10,000 may be imposed.
As the new financial year kicks in, from July 1, TDS at 0.1 per cent will have to be paid on purchases of more than Rs 50 lakh if turnover in financial year 2020-21 exceeds Rs 10 crore under Section 194Q.
In addition, charitable Institutions/Trusts already registered with the Income Tax Department will have to re-register themselves in 2021-22.
Income Tax Audit will not be required for FY 2020-21 for persons having turnover up to Rs 10 crore if cash component does not exceed 5 per cent of total Receipts/Payments. Payments received or made by cheque other than account payee cheques will be counted as cash component.
