The fiscal year 2022–23 will soon come to a close, and the new fiscal year will begin on April 1. You will soon need to file an ITR in this circumstance. The government also makes a point of promoting the submission of advance tax returns. The work required to file an ITR would have been substantially finished in the first quarter of the upcoming fiscal year. You should read this news if you haven’t linked your PAN card to your Aadhaar yet (Pan-Aadhaar Link).
Transactions might be forbidden.
All investors are required to link their PAN cards with Aadhaar by the end of March in order to conduct ongoing stock market operations, according to the capital market regulator SEBI (SEBI). According to a statement from SEBI, failure to follow this order may result in a prohibition on trading in stocks and other products until the permanent account number (PAN) and Aadhaar are linked.
It is essential to finish KYC.
If a person’s PAN is not connected to their Aadhaar by March 31, 2023, their PAN would expire, according to a notification from the Central Board of Direct Taxes (CBDT) that was released in March 2022. PAN is the primary identity number, and KYC is required for stock market transactions, according to SEBI. To ensure that all registered players and market infrastructure organizations have valid KYC in such circumstances (MIIs).
According to the SEBI announcement
published in March 2022, your PAN card will expire. Even if you wanted to, you couldn’t submit an income tax return in this circumstance. Your PAN card must be active in order to file an ITR. In this case, link your Aadhaar and PAN cards before March 31 to avoid any issues.
Let us remind you
that using your PAN card as a document after it has been canceled could result in a Rs 10,000 fine. This fine is due in accordance with section 272B of the Income Tax. It is crucial that you link your PAN and Aadhaar cards by March 31, 2023, or you will be subject to a late fee of Rs 1000.
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