2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Section 212A
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Section 234H
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Section 246T
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Section 228D
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Detailed explanation-1: -Section 139AA – PAN to Become Inoperative after 01.04. Section 139AA of the Income-tax Act, 1961 provides for linking of PAN with Aadhaar by a notified date which is 31st March 2022 as per Notification No. 113/2021 dated 17.09. 2021.
Detailed explanation-2: -"As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3. 2023. From 1.04. 2023, the unlinked PAN shall become inoperative, ” it said.
Detailed explanation-3: -If the PAN Card and the Aadhaar Card are not linked, you may be subject to a penalty of up to Rs. 10, 000 according to the Income Tax Act. In addition, if the two cards are not linked by March 31, 2023, your PAN Card may become inoperable.
Detailed explanation-4: -Section 139A of the Income-tax Act, 1961, prescribes various conditions under which an assessee is required to obtain PAN. He needs to mention his PAN in all communications with the Income-tax Dept. and while entering into specified financial transactions.