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The action was prompted by an investigation conducted by the Indian Computer Emergency Response Team.
If the PAN becomes inoperative, then the Income Tax Department won’t allow tax refunds.
The earlier deadline was March 31, 2023.
The normal rate of 10 per cent will be applicable for those who have linked their EPF account with a valid PAN.
As per the Ministry, non-linking of PAN-Aadhaar will lead to a penalty of Rs 500 up to three months from April 1, 2022 and a fee of Rs 1,000 thereafter.
The due date for completion of penalty proceedings under the IT Act has also been extended from September 30, 2021 to March 31, 2022.
The deadline for linking of PAN and Aadhaar has been extended several times and the current deadline ends on March 31, 2020.
The Supreme Court, in September last year, had declared the Centre's flagship Aadhaar scheme as constitutionally valid and held that the biometric ID would remain mandatory for the filing of I-T returns and allotment of the PAN.
Banks and other institutions will make backend upgrades to allow acceptance of Aadhaar in all places where quoting PAN is now mandatory.
The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated by it for various customer services, including the opening of bank accounts.