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From PAN–Aadhaar linking and tighter digital payment security to salary revisions under the 8th Pay Commission and higher health insurance premiums, the new year brings several updates citizens need to be prepared for.
All PAN cards issued using an Aadhaar number before October 1, 2024 must be linked with Aadhaar by the end of 2025
Designed by the Income Tax Department, the PAN 2.0 Project aims to modernise taxpayer registration services using advanced technology.
The action was prompted by an investigation conducted by the Indian Computer Emergency Response Team.
If the PAN becomes inoperative, then the Income Tax Department won’t allow tax refunds.
The earlier deadline was March 31, 2023.
The normal rate of 10 per cent will be applicable for those who have linked their EPF account with a valid PAN.
As per the Ministry, non-linking of PAN-Aadhaar will lead to a penalty of Rs 500 up to three months from April 1, 2022 and a fee of Rs 1,000 thereafter.
The due date for completion of penalty proceedings under the IT Act has also been extended from September 30, 2021 to March 31, 2022.
The deadline for linking of PAN and Aadhaar has been extended several times and the current deadline ends on March 31, 2020.
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