New date for linking PAN with Aadhaar: There is a good news for our readers who have both Aadhaar and PAN cards but have not linked them so far. This may be one last opportunity for them to link PAN and Aadhaar cards as ministry of finance has extended the deadline for linking PAN with Aadhaar by another three months.
The Ministry of Finance has extended the due date for linking of PAN with Aadhaar from September 30, 2019 to December 31, 2019.
“In exercise of the powers conferred under sub-section (2) of section 139AA of the Income tax Act, 1961 (,Act’)(43 of 1961), the Central Government hereby amends the notification of the Ministry of Finance (Department of Revenue) dated 31st March, 2019, published in the Gazette of India, Extraordinary, Part-II, Section 3, sub-section (ii) vide S.O. number 149S(E) dated April 1, 2019,” said the ministry of finance in a notification issued on Saturday (September 28, 2019).
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The development has come as a big relief for those PAN and Aadhaar card holders who were finding it difficult to link these two important numbers before the deadline of September 30.
As per a recent amendment made in the first full budget of Modi 2.0, if a taxpayer does not link his PAN with Aadhaar number by the due date, then the PAN of the taxpayer shall be deemed to be inoperative.
A taxpayer will not be able to quote his PAN if it becomes inoperative which is compulsory for transactions over certain value.
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Deadline for filing audited returns extended
Recently, the government has also extended the deadline for filing the income tax return for companies and firms that are required to get their balance sheets audited. However, unlike the deadline to link Aadhaar and PAN cards which has been extended by three months, the deadline to file audited tax returns for companies and firms has been extended by just one month.
The new deadline for filing the audited tax return for companies, firms and other taxpayers who are required to filed audited returns has now been extended till October 31, 2019.
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