The recent notification issued by the CBDT, states that failing to link Aadhaar and PAN results in a punishment of up to Rs 1,000. The initial step should be to link your Aadhaar and PAN as soon as possible. Link PAN-Aadhaar within three months of now, that is, by June 30 this year, to save at least Rs 500.
Though the Central Board of Direct Taxes, or CBDT, has repeatedly postponed the deadline for linking Aadhaar and PAN, the department has made it clear that completion of the task is mandatory. If you do not link your PAN to Aadhaar by March 31, you may face a slew of penalties, including the inactivation of your PAN.
The ‘Pandora Papers’, a leak of troves of financial records in offshore tax havens, has been obtained by the International Consortium of Investigative Journalists (ICIJ). The government will also proactively engage with foreign jurisdictions for obtaining information in respect of relevant taxpayers/entities. The website of ICIJ suggests that information will be released in phases.