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Permanent Account Number (PAN)
PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card as given below (commonly known as PAN card):
PAN is to be obtained by :
Every person if his total income or the total income of any other person in respect of which he is assessable during the year exceeds the maximum amount which is not chargeable to tax.
A charitable trust who is required to furnish a return under Section 139(4A)
Every person who is carrying on any business or profession whose total sale, turnover, or gross receipts are or is likely to exceed five lakh rupees in any year
Every person who intends to enter into specified financial transactions in which quoting of PAN is mandatory
Every non-individual resident persons and persons associated with them shall apply for PAN if the financial transaction entered into by them during the financial year exceeds Rs. 2,50,000.
Holding of more than one PAN not allowed
A person cannot hold more than one PAN. A penalty of Rs. 10,000/- is liable to be imposed under section 272B of the Income-tax Act, 1961 for having more than one PAN. If a person has been allotted more than one PAN then he should immediately surrender the additional PAN card(s)
Linking of PAN with Aadhaar Number
The Finance Act, 2017 had inserted a new section 139AA in the Income-tax Act, 1961, requiring every person who is eligible to obtain Aadhaar to quote his Aadhaar number while applying for PAN or furnishing return of income with effect from July 1, 2017. If any person does not possess the Aadhaar Number but he had applied for the Aadhaar card then he can quote Enrolment ID of Aadhaar application Form in the ITR Section 139AA further provides that every person who has been allotted PAN as on the 1st day of July, 2017, and who is eligible to obtain Aadhaar number shall intimate his Aadhaar number on or before 31-03-20221 to the Income-tax Department. In case of failure to intimate the Aadhaar number, PAN allotted to the person shall be made inoperative after the date so notified.
The CBDT has notified that all the consequences provided under the Income-tax Act for not furnishing, intimating or quoting PAN shall come into effect from 01-04-2023 if PAN becomes inoperative due to non-linking of it with Aadhaar. However, the taxpayer is liable to pay fee if PAN is linked with Aadhaar from 01-04-2022 to 31-03-2023.
Consequences for not linking PAN with Aadhaar Number
The Central Board of Direct Taxes has notified Rule 114AAA prescribing the manner and consequences if PAN becomes inoperative. The Rule 114AAA(2) provides that where a person, whose PAN has become inoperative, it shall be deemed that he has not furnished, intimated or quoted the PAN, as the case may be, and he shall be liable for all the consequences under the Act for not furnishing, intimating or quoting the PAN. However, the person can reactivate his PAN by subsequently intimating his Aadhaar to the Department.
Fee for default relating to intimation of Aadhaar number
The Finance Act, 2021 has inserted a new Section 234H to levy a fee for default in intimating the Aadhaar Number. If a person is required to intimate his Aadhaar under Section 139AA and such person fails to do so, he shall be liable to pay a fee, as may be prescribed, not exceeding Rs. 1,000 at the time of making such intimation. The CBDT vide notification No. 17/2022, dated 29-03-2022 has amended Rule 114 to prescribe the fees to be levied if Aadhaar is not linked with PAN. As per Rule 114(5A), if a person intimates his Aadhaar number after the due date, then he shall be liable to pay a fee of:
a) Rs. 500, if such intimation is made between 01-04-2022 and 30-06-2022; and
b) Rs. 1,000, in all other cases.