Transaction tax

PAN-Aadhaar link expiration date extended to March 2022

NEW DELHI The government extended the deadline for reporting the Aadhaar number to the income tax department on Friday to link it to the permanent account number (PAN) to March 31, 2022 from September 30, according to an official statement.

The Central Commission for Direct Taxes (CBDT) said the move was a continuation of its commitment to address the challenges faced by stakeholders due to the Covid-19 pandemic. CBDT had received representations requesting additional time for the PAN-Aadhaar link.

PAN is required for a multitude of financial transactions, including opening bank accounts, depositing cash into a bank account, opening a Demat account, dealing in real estate and trading in securities. The PAN card is also a means of photo identification accepted by all governmental and non-governmental institutions in the country. Since Aadhaar is biometric-based and cannot be obtained on the basis of any other identification document, it is important for the tax administration to link the two.

The administration of direct taxes has also decided to extend from September 30 to March 31 the deadline for the on-call procedure under the income tax law. In addition, the deadline for the issuance of the notice and the adoption of the order by the competent authority under the Law on the Prohibition of Real Estate Transactions in Benami has been extended until March 31, 2022. These two changes would help the authorities to complete statutory procedures.

In a separate order, CBDT said that no tax deduction should be made on payment of interest, other than interest on securities, made by a bank to a Scheduled Tribe member subject to endorsements. One of the riders suggests that this applies to payments made during the previous year that do not exceed ??2 millions. (ends)

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