PAN-Aadhaar linkage, EPS-95 Higher Pension Deadlines for June 2023
The PAN of taxpayers who have not provided their Aadhaar as necessary will no longer be active as of July 1, 2023, and the following repercussions will apply while this is the case
PAN-Aadhaar linkage, EPS-95 Higher Pension Deadlines for June 2023
There are a few major milestones that happen in the month of June that are significant for all EPF subscribers, such as PAN-Aadhaar connection and EPS-95 higher pension.
Mandatory Linking of PAN & Aadhar
The government extended the Aadhaar-PAN linking deadline by three months, from March 31 to June 30, 2023, so that taxpayers would have additional time to notify the required authority for Aadhaar-PAN linking without suffering consequences. A supplementary notification has been sent out to this effect.
According to the requirements of the Income-tax Act of 1961 (the “Act”), any person who had been assigned a PAN as of July 1, 2017 and was qualified to receive an Aadhaar number was obliged to inform the authorised authority of his Aadhaar on or before March 31, 2023, in exchange for payment of the stipulated fee. As on April 1, 2023, doing so will result in specific consequences under the Act. The deadline to notify Aadhaar to the required authority in order to link Aadhaar and PAN has been extended to June 30, 2023.
The PAN of taxpayers who have not provided their Aadhaar as necessary will no longer be active as of July 1, 2023, and the following repercussions will apply while this is the case:
- No refund will be issued for these PANs;
- No interest will be paid on the return during the time that the PAN is inactive; and
- TDS and TCS will be withheld at a higher rate in accordance with the Act.
After informing the prescribed authority and paying a cost of Rs.1,000, the PAN can be rendered operational again in 30 days.
Those who have been exempted from PAN-Aadhaar connection will not be held liable for the aforementioned repercussions. This category includes residents of designated states, non-residents as defined by the Act, individuals who are not citizens of India, and individuals who were eighty years of age or older at any time during the previous year.
It is estimated that over 51 crore PANs have already been connected with Aadhaar. Aadhaar and PAN can be linked. Please Go Here
EPS-95 Pension on Higher Wages
New Delhi, On May 2, 2023, Retirement fund body EPFO extended the date for filing applications to opt for a higher pension till June 26, 2023.
In order to provide a larger window of opportunity and in order to enable all eligible persons to file their applications, the timeline for filing applications would now be till 26th June 2023, according to a statement.
“The EPFO (Employees’ Provident Fund Organisation) has made arrangements for obtaining applications for validation of option/joint option from pensioners/members as per the Supreme Court order on November 4, 2022,” labor ministry said in a statement.
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