If you didn’t link your PAN with Aadhaar by June 30, 2023, then from July 1, 2023, your PAN will be tagged as in-operative. One of the consequences of PAN becoming inoperative is that you may not be able to file your income tax return (ITR) before July 31, 2023.
This is because the ITR deadline is less than one month away and it takes a maximum of 30 days for a PAN to become active again if it is inoperative presently once the penalty is paid.
Hence, if you pay a penalty now and wait for PAN to become operative again, then there is a chance of missing the deadline to file ITR. Hence, if the ITR is filed after the expiry of the deadline i.e. July 31, 2023, then it will be filed as a belated ITR. Do keep in mind that there is a late filing fee for filing a belated ITR. The penalty for filing a belated ITR is Rs 5,000 (if total income exceeds Rs 5 lakh).
Therefore, if your PAN is inoperative at present, you may end up paying a late filing fee of Rs 5,000 and file a belated ITR. Added to this, anyone linking their PAN and Aadhaar now will have to pay a fee of Rs 1,000.
So, in total, you will end up paying Rs 6,000: Rs 1,000 for linking PAN-Aadhaar and Rs 5,000 for filing belated ITR.
Do note that if your total income does not exceed Rs 5 lakh, then a late filing fee of Rs 1,000 will be applicable for filing belated ITR. Here, you will end up paying Rs 2,000 only (Rs 1,000 for belated ITR filing fee and Rs 1,000 for PAN-Aadhaar linking) instead of Rs 6000 mentioned above.
Source: economictimes.com
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