Mar 31 is here: Link PAN with Aadhaar, file updated ITR

 Mar 31 is here: Link PAN with Aadhaar, 
file updated ITR

Also submit Form 12B to new employer in case of a job switch

With the deadline of March 31,2023 fast approaching, several critical tasks must be completed to avoid potential headaches in the upcoming financial year. Here are some of the key ones you need to accomplish:

Link PAN and Aadhaar

The last date of linking the Permanent Account Number (PAN) and Aadhaar number is March 31. If you miss the deadline, your PAN will become inoperative. If you fail to link them, you may not be able to file your income- tax return (ITR). Penalty for non-compliance is up to Rs 1,000/-

You need to first pay the penalty of Rs. 1000/- to link your Aadhaar with PAN before March 31, 2023.

Linking PAN with Aadhaar has several advantages. “The linkage will help eliminate duplicate PAN cards, ensure accurate tax assessment, and curb tax evasion.”

While the government may extend the deadline, don’t depend on it.

Submit Form 12B

If you have changed jobs, make sure you fill and submit Form 12B. “Form 12B must be mandatorily submitted to the new employer if you have joined it in the middle of the financial year.”

The primary purpose of this form is to disclose the employee’s income earned from the previous employer. Providing this information allows the new employer to calculate and withhold the correct amount of tax deducted at source (TDS) from the employee’s salary for the rest of the year and generate a combined Form 16 at the end of the financial year.

International tax advisor Adithya Reddy says,”An employee joining a new company on, say, May 1, 2022, should file Form 12B and submit it to the new employer for the period between April 1, 2022 and April 30, 2022.”

File updated ITR

The deadline for filling updated ITR (ITR-U) is March 31, 2023, for the assessment year (AY) 2020-2021 (FY2019-20). The Finance Act of 2022 had introduced this new ITR filing facility called updated return. It provides assesses the chance to update their ITR s within two years. Any person who has made an error omitted certain income details in the original, belated, or revised return can file ITR-U.

“An updated return can be filled by a taxpayer within 24 months of the end of the relevant assessment year even if he has not earlier filled a return for the relevant assessment year.”

A taxpayer has no pay an additional 25 Percent (If the return is filed within 12 months from the end of the relevant AY) to 50% (within 24 months from the relevant AY) of the tax payable on the additional income declared, along with interest.

An updated return can’t be filled if it increases the refund.

HOW TO LINK AADHAAR WITH PAN ONLINE

Go to the Income Tax e-filling portal (incometaxindiaefilling.gov.in)

Under the ‘Quick Links’ heading, click on the ‘Link Aadhaar’

Enter the ‘PAN Number ‘and ‘Aadhaar Card’ and Click on the ‘Validate’ button

 When the penalty payment is verified , a pop-up  message will appear : Your payment details are verified ; click on the ‘continue ‘button

Enter the details and click on the ‘Link Aadhaar’ button

Enter the OTP sent to your mobile number

The Aadhaar-PAN card linking request will be successfully submitted.

For More Details: Pooja Manoj Gupta, visit www.giia26.com
Email: pmgiia26.com Mobile 9868944340