PAN-Aadhaar Link: CBDT has issued a circular stating that it is very important for pensioners to complete their KYC by linking PAN and Aadhaar by June 30. If this is not done, not only will the NPS account be closed, but a fine of Rs 1000 will also be imposed.
New Delhi. Very important news for pensioners. If the deadline is missed, not only will there be a problem in getting their pension from July, but a fine may also be imposed. Although the Central Board of Direct Taxes (CBDT) has extended its deadline, but after the new deadline, it has also talked about imposing fines. The Pension Fund has also said that if the deadline is missed, the NPS account will also be closed.
CBDT has said that it is very important for pensioners to link PAN and Aadhaar (PAN-Aadhaar). For this, the deadline has been extended to 30 June. The Pension and Regulatory and Development Authority has also said that the pensioners who do not complete their work by the deadline, their National Pension System (NPS) account can be closed. PFRDA has told in the circular issued on May 2 that earlier the deadline for pensioners to link PAN and Aadhaar was March 28, 2023 but now it has been extended to June 30.
Why is PAN-Aadhaar linking necessary?
PFRDA has stated that linking of PAN and Aadhaar is only a part of the KYC process for NPS account. It is very important for all the subsidiaries that have opened NPS accounts to validate KYC for each of their subscribers. If this work is not done by June 30, then the account can also be closed. CBDT has extended the deadline for PAN-Aadhaar linking five times so far.
How much will be the fine
The new deadline for PAN-Aadhaar linking is June 30. After this, from July 1, a fine of Rs 1000 will be charged for this work. All such persons who have been issued PAN after July 1, 2017, are required to link PAN-Aadhaar. To facilitate the pensioners once again, PFRDA has extended the deadline by 3 months directly.
What will happen if the link is not done
If a user does not link PAN and Aadhaar, then from July 1, 2023, neither any refund will be given against PAN nor any interest will be paid on this refund. Apart from this, after the deadline, the PAN of that person will be closed. Apart from this, TDS and TCS of the user will also be deducted at a higher rate. Once closed, the PAN will be activated again only after 30 days after paying a fine of Rs 1000.