From April 1, you can pay tax and if you do not do this work, then you will get this error while filing tax, due to which you will not be able to pay this year’s tax.
The financial year 2022-23 will end in a few days and the new financial year will start from 1 April. In such a situation, you will have to file Income Tax Return soon. Publicity is also being done by the government regarding filing advance income tax returns. In the first quarter of the next financial year, the work of income tax return would have been completed to a large extent. If you too have not yet linked PAN card with Aadhaar (Pan-Aadhaar Link), then definitely read this news.
Transaction may be banned
All investors have been asked by the capital market regulator SEBI (SEBI) to link PAN card with Aadhaar by the end of March for continuous transactions in the stock market. In a statement issued by SEBI, it was said that non-compliance of this instruction may lead to ban on securities and other transactions till the permanent account number (PAN) and Aadhaar are linked.
It is necessary to complete KYC
The Central Board of Direct Taxes (CBDT) issued a notification in March 2022 saying that if the PAN allotted to a person is not linked to Aadhaar by March 31, 2023, it will become inactive. SEBI said, ‘Since PAN is the key identification number and KYC is necessary for transactions in the stock market. In such a situation, it is necessary to ensure valid KYC for all registered participants and market infrastructure institutions (MIIs).
If you look at the notification issued by SEBI in March 2022, then your PAN card will become inactive. In such a situation, you cannot file income tax return even if you want to. It is very important for your PAN card to be active for filing income tax return. In such a situation, to avoid any problem, link your Aadhaar with PAN card by March 31.
Let us tell you that after the PAN card is deactivated, if you use it as a document, then you can be fined Rs 10,000. You will have to pay this fine under section 272B of Income Tax. That’s why it is important that by March 31, 2023, you must link PAN with Aadhaar card by paying a late fine of Rs 1000.
