India
Non compliance fine of Rs 10000 for PAN cardholders
Starting April 1, 2022, if someone’s Permanent Account Number (PAN) is not linked to his Aadhaar Card, your PAN card will become inactive. The income tax administration has extended the deadline for linking all PAN cards in India with Aadhaar cards to March 31, 2022. After the deadline, all PAN cards that are not linked to Aadhaar cards would be deemed inactive.
As per Section 139AA of the Income Tax Act, everybody possessing a PAN as of July 1, 2017, who is eligible for Aadhaar must link their PAN to their Aadhaar number. When completing an income tax return, the taxpayer must include their Aadhaar number.
If a PAN is invalid, the income tax agency will assume that the individual has failed to file a PAN and will impose penalties. “Where a person whose permanent account number has become inoperative…. is required to furnish, intimate, or quote his permanent account number under the Act,” the CBDT stated, “it shall be deemed that he has not furnished, intimated, or quoted the permanent account number, as the case may be, by the provisions of the Act, and he shall be liable for all the consequences under the Act for not furnishing, intimating, or quoting the permanent account number.”
Every time you fail to provide your PAN number, you will be fined Rs 10,000.
It should be mentioned that a PAN card is required for a variety of operations, including opening a bank account, purchasing mutual funds or shares, and even conducting cash transactions of more than Rs 50,000.
If a PAN is not cited or supplied as required by the Income Tax Law, a penalty of Rs 10,000 can be imposed, according to Section 272B of the Income Tax Act. A penalty might be levied for each instance of non-compliance under the requirements.
“A fine of ₹10,000 would be imposed on each default,” Naveen Wadhwa, DGM, Taxmann, explained the law. Let’s say Mr. A’s PAN stops working. He pays in cash to a hotel for an amount greater than Rs 50,000, as well as for the purchase of foreign currency for an amount greater than Rs 50,000. The income tax agency can levy a penalty of Rs 20,000 in this case, i.e. Rs 10,000 for each default.”
The Union government included a new provision 234H to the Income Tax Act in Budget 2021, requiring individuals to pay a penalty if their PAN and Aadhaar are not connected by the deadline. If a person misses the deadline, he or she will be responsible to pay a penalty of not more than Rs 1,000.
“Even though the deadline for connecting your PAN with your Aadhar has been extended to March 31, 2022,” Sujit Bangar, creator of Taxbuddy.com, stated, “it’s important to complete this connection as soon as feasible.” The linking of PAN and Aadhar provides several advantages, including faster refunds.”
When the Aadhaar connection procedure is completed, your inactive PAN cards will become operational.
Latest News
Navi Mumbai Police Arrest African National With Rs 1 Crore Worth Of Cocaine In Ulwe
The Anti-Human Trafficking Unit (AHTU) of Navi Mumbai Police arrested Jeorge Ocante DaSilva, a 35-year-old native of Guinea, on Monday for possessing 410 grams of cocaine, allegedly intended for illegal sale. Acting on a tip-off, API Alka Patil of the AHTU led a raid at RM Heights Building in Ulwe, where DaSilva was found in possession of the narcotics.
Around 2:30 p.m. on October 28, officers discovered 410 grams of cocaine, valued at approximately Rs 1,02,50,000, hidden in DaSilva’s bedroom. Authorities also seized a mobile phone, a black Tabata weighing scale, scissors, plastic packaging bags, and a sky bag, bringing the total seizure value to Rs 1,02,55,610.
An FIR was filed at Panvel City Police Station under Sections 8(a) and 21(a) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act. Dasilva was presented in court and remanded to police custody until October 31, 2024. Investigations are ongoing, with the Crime Branch seeking potential accomplices and sources of the narcotics. Notably, Dasilva has a prior NDPS case registered at Nahar Police Station in Mumbai.
Latest News
Taloja Society Chairman Detained For Allegedly Abusing Residents And Objecting To Diwali Decorations
The chairman of a housing society in Taloja Phase One has been detained by Taloja police following allegations of verbal abuse toward residents, including women, and objections to Diwali lighting in the complex. The incident occurred on Tuesday night, sparking outrage among residents.
According to the police, the chairman is accused of abusing a woman with intent to insult her modesty, provoking a breach of peace, and engaging in criminal intimidation. A formal complaint was filed, and the chairman was promptly taken into custody.
The situation intensified after a video of the incident went viral on social media platform X (formerly Twitter), showing a group of men, allegedly from the housing society, verbally abusing residents and threatening to halt Diwali decorations. The video received widespread attention, with users expressing shock over the treatment of residents.
Police officials confirmed that the chairman’s detention is part of an ongoing investigation into the incident. Residents are awaiting further action as authorities work to address the disturbance and ensure the safety of the community amid Diwali festivities.
Latest News
Thane Sees Surge of Nomination Filings for 2024 Vidhan Sabha Election
The final day for filing nominations for the 2024 Vidhan Sabha General Election witnessed a surge of candidates in Thane district, with a total of 281 applications submitted across 18 assembly constituencies. This high turnout signals a competitive race for seats in the upcoming election.
Among the nominees, 114 candidates represent various political parties, while 167 have filed as independents, reflecting a diverse array of participants aiming to represent Thane’s voters. Nominations were filed throughout the day with election decision officers at each constituency, marking an essential step in the electoral process.
Collector and District Election Decision Officer Ashok Shingare announced that the scrutiny of these nomination forms is scheduled for October 30, 2024. Following this verification process, candidates who wish to withdraw their names from the race may do so until November 4, 2024.
As the election date approaches, Thane’s political landscape appears more dynamic than ever, with a record number of candidates ready to contest the assembly seats, making for an engaging electoral season for voters and candidates alike.
-
India3 years ago
As the arrangement with Prashant Kishor falls through Rahul Gandhi has gone overseas again and is uncontactable
-
Fact Check4 years ago
Nidhi Razdan, fake Harvard professorship, and here is the explanation through her blog.
-
Latest News3 years ago
Tata wins Air India with ₹18,000 crore bid
-
Technology3 years ago
BSNL reveals all new 4G plans starting at ₹16
-
Latest News3 years ago
Government has spent ₹9,725 crores on Covid-19 vaccination drive so far
-
Latest News3 years ago
Jharkhand government cuts Petrol price by massive ₹25 a litre but with a catch
-
Navi Mumbai4 years ago
Navi Mumbai civic body raids and tests morning walkers, many found COVID positive
-
Latest News3 years ago
Raj Kundra Gave ₹25 Lakh Bribe to Mumbai Crime Branch to Avoid Arrest