The Central Board of Direct Taxes(CBDT) in its notification dated 13th February 2020, has published the Income-tax (5th Amendment) Rules, 2020 to fix the final deadline for linking PAN with Aadhaar.
New Rule 114AAA has been inserted through this Amendment which provides the manner in which the PAN of a person will become inoperative if it is not linked with the Aadhaar on or before 31-03-2020.
If person, who has been allotted the permanent account number as on July 01, 2017 and is required to intimate his Aadhaar number, has failed to intimate the same on or before March 31, 2020, the permanent account number of such person will become inoperative immediately after the said date for the purposes of furnishing, intimating or quoting.
Where the person has intimated his Aadhaar number after March 31, 2020, his permanent account number shall become operative from the date of intimation of Aadhaar number for the purposes of furnishing, intimating or quoting.
Further, the person will be liable for all the consequences under the Act for not furnishing, intimating or quoting the permanent account number.
Click here to read the Notification.
