Why Linking of PAN Card and Aadhar Card is Important

Why Linking of PAN Card and Aadhar Card is Really Important

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As per the notification from the Income Tax Department, the permanent account number i.e PAN holders must link their number with Aadhar card by March 31, 2023. As per the notification, if the PAN is not linked with Aadhaar Card on or before March 31, 2023, the PAN Card will automatically become inoperative. After crossing the deadline, the PAN holders will not be able to use their ten-digit unique alphanumeric number and financial transactions linked to PAN will be stopped. Moreover, all the income tax pending returns will be stopped from processing by the Income Tax Department.

However, there are some categories of residents who are exempted from linking their PAN Card with Aadhaar Card the List of which is as follows:

  1. Taxpayers residing in the state of Assam, Jammu and Kashmir, and Meghalaya;
  2. a NRI i.e. (a non-resident Indian) as per the Income Tax Act, 1961;
  3. Person of the age of eighty years or more at any time during the previous year;
  4. not a citizen of India,

The Above-mentioned categories of people are exempted from the process of linking PAN Card with their Aadhaar Card.

What Is The Penalty For Not Linking Aadhar Now?

Irrespective of your reasons, The Central Board of Direct Taxes will impose a fine of Rs.1000/- if you link your Aadhar Card with PAN Card after 30th June 2022.

Why PAN Should Be Linked to Aadhaar?

  • The Centre made linking of PAN Card and Aadhaar number mandatory under current regulations due to linking is a process for legal requirements, the process also benefits the government and taxpayers.
  • Moreover, the linking of PAN with Aadhaar helps in spotting people with multiple PAN cards.
  • If the PAN is linked with Aadhaar, it will simplify income tax return process and verification.

Shahnawaz and Associates, Chartered Accountant Firm in Mumbai is engaged into PAN related registration and application since its incorporation. We have a team of experts who not only poses required skills and experience but also have worked in complex business environment and were engaged in providing complex solutions in terms of providing Accounting, Taxation and related Compliance services to our clients.

Why You Should opt For Outsourced Accounting Services in Mumbai (1)

Why You Should opt For Outsourced Accounting Services

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Now, most of the business organisations are opting to outsource their accounting activities to an CA Firm in Mumbai or and Outsourced Accounting Services in Mumbai. There are many reasons where the entrepreneurs find it easy for outsourcing the accounting activities of the Company to an outside agency. Some of the benefits of accounting outsourcing services in Mumbai are as follows:

  • A Team of Experts are appointed to process your accounting activities
  • Saving in Expenses of Appointment and Training of Accounting Team
  • They provide you with the Team of Experts including Managers, Senior and Junior executives such combination of Team helps smooth flow of the process and also ensures double checking of the accounting data
  • Such Outsourcing enables entrepreneurs especially Startups to hand over a crucial department to the Experts so that they can concentrate in the core business activity
  • Outsourcing your Accounting activities to a CA Firm in Mumbai will get your accounting data ready for Audits also they will make sure that all the compliances are done on Due Dates and with accuracy
  • They will introduce automation in the process and take help of many common software’s to make the process easy and Tech Savvy.
  • An Accountant is considered as your first financial advisor. Hence, an Expert CA Firm in Mumbai is the best choice to outsource your accounting services in Mumbai

There are multiple and numerous benefits associated with outsourcing the accounting services. Our Firm, Shahnawaz & Associates, leading CA Firm in Mumbai if appointed for providing outsource accounting services in Mumbai. We first understand the business of the Company, then select candidates and combination of candidates required for providing accounting services to such Company and then provide monthly reviews in the Form of MIS Reports, Health Check-ups, and Performance Updates to the respective clients.

Extension of TDS Return Filling

Extension of TDS Return Filling Due Date by ITD For Q1 of FY 2023-24

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The ITD has issued an Important update related to TDS Return Filling for Q1 of the FY 2023-24. The Due date for filing of Form 26Q, 27Q & 27EQ for Q1 of the financial year 2023-24 has been revised and now same needs to filed from September 1, 2023 to September 30, 2023. (earlier due date for filing was July 1, 2023 to July 31, 2023).

  • New changes have been notified by ITD in Form 26Q, 27Q & 27EQ for which development is underway are applicable for statements pertaining to Financial Year 2023-24 & Quarter 1 for which updated Return Preparation Utility (RPU) and File Validation Utilities (FVUs) are going to be released on August 31, 2023.
  • If the statements are accepted in old format, it may bring complications while processing it at ITDs end. To avoid this, ITD have asked us to build restrictions on acceptance of these statements till August 31, 2023.
  • Statements accepted at our end from July 1, 2023 to July 3, 2023 for the aforementioned Forms are going to be rejected at ITDs end. Deductor/Collectors may be advised to file statements again from September 1, 2023.

For more details on various topics related to TDS Return Filling, Auditing and accounting industry, you can get in touch with our CA Firm in Mumbai – Shahnawaz & Associates.