The government on Tuesday extended the deadline for linking PAN with Aadhaar by three months to June 30 to enable people to comply with the mandatory income tax provisions.
The deadline for linking PAN with Aadhaar was to end on March 31. According to the income tax department, failure to link the two unique identities will lead to the unlinked PAN becoming inoperative.
There have been demands, including from political parties, for giving more time to people to link PAN (Permanent Account Number) with their unique 12-digit identification number Aadhaar.
“In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to June 30, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions,” the finance ministry said in a statement on Tuesday.
Earlier also, the government had extended the deadline several times.
The government had imposed a fee of Rs 500 on linking of PAN with Aadhaar from April 1, 2022 and the amount was later increased to Rs 1,000 from July 1, 2022.
So far, more than 51 crore PANs have been linked with Aadhaar.
Narayan Jain, tax advocate, welcomed the extension. People residing in Assam, Jammu and Kashmir and Meghalaya are exempted from PAN-Aadhaar linking. Non-residents as well as individuals aged 80 years or above are also exempted, he added.
Capital markets regulator Sebi on Tuesday extended the deadline till September-end for existing demat account holders and mutual fund investors to provide a choice of nomination or opt out of it.
Earlier, the regulator mandated holders of trading and demat accounts and mutual fund folios to update the details of their nominee by March 31, 2023.
In July 2021, the Securities and Exchange Board of India (Sebi) asked all existing eligible trading and demat account holders to provide a choice of nomination on or before March 31, 2022, failing which the trading and demat accounts would have been frozen for debits. Later, this was extended by one more year till March 31, 2023, and now it has been extended again for six months.