The deadline for PAN-Aadhaar linking, demat and mutual fund nominations was March 31, 2023, but they were extended by the respective departments. Individuals should make sure to finish the tasks to avoid any last moment issues or paying penalty or getting account debits frozen.
PAN Aadhaar linking deadline extended to June 30
The deadline for linking the Permanent Account Number (PAN) with Aadhaar has been extended by the Central Board of Direct Taxes (CBDT) to June June 30, 2023. Individuals can inform the required authority for Aadhaar-PAN linkage without incurring consequences, according to a press release issued by CBDT on March 28, 2023.
"Under the provisions of the Income-tax Act, 1961(the ‘Act’) every person who has been allotted a PAN as of 1st July 2017 and is eligible to obtain an Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before 31st March 2023, on payment of a prescribed fee," said CBDT.
How to link Pan-Aadhaar with penalty
Individuals who wish to link can follow the below steps according to the Income Tax website. Note that before linking, one has to pay the penalty of Rs 1000.
Step:1 Visit e-Filing portal Home page and click on Link Aadhaar in Quick Links section.
Step:2 Enter your PAN and Aadhaar Number
Step:3 Click on Continue to Pay Through e-Pay Tax.
Step:4 Enter your PAN, Confirm PAN and Mobile number to receive OTP
Step:5 Post OTP verification, you will be redirected to e-Pay Tax page.
Step:6 Click on Proceed on the Income Tax tab.
Step:7 Select AY as 2023-24 and type of Payment as Other Receipts (500) and click Continue.
Step:8(a) Applicable amount will be pre-filled against Others.
Alternately, if your bank account is not listed for payment using e-Pay Tax, please follow the instructions below:
Step:8b(i) Click on hyperlink given below on e-Pay tax page to redirect to Protean (NSDL) portal
Step:8b(ii) You will be redirected to the Protean portal. Click Proceed under Challan No./ITNS 280
Step:8b(iii) Select Tax applicable as 0021 and Type of Payment as 500
Step:8 b (iv) Provide other mandatory details and Proceed.
Please select the Assessment Year 2023-24 for making late fee payment for Aadhaar PAN linkage.
Demat nomination extended to September 30
The existing holders of trading and demat accounts now have until the end of September to choose a nominee or opt out, according to SEBI, the capital markets regulator. The previous cutoff date was March 31, 2023.
According to the SEBI circular, “"Based on the assessment of the trading as well as demat accounts in which choice of nomination details (furnishing of nomination or declaration for opting out of nomination) has not been updated and on the basis of representations received from the stakeholders, it has been decided that the provisions... with regard to freezing of accounts shall come into force with effect from September 30, 2023 instead of March 31, 2023," SEBI said in a circular.”
Mutual Fund nomination extended to September 30
The Securities and Exchange Board of India (Sebi) on Tuesday extended the deadline for mutual fund unit holders to submit nominations or choose not to submit them from March 31 to September 30, 2023.
The markets regulator had requested last year that all current individual unity holders of mutual fund units, either individually or jointly, submit nominations by March 31; else, the folios would be frozen for debits.
How DSP customers can update nomination details
Step 1: Log in to your account on DSP website
Step 2: Go to ‘Folios’ and under Holder details, use the “+Add nominee details” option to update nominee (s)
Also, one can visit the branch and submit the form signed by all unit holders.
How CAMS customers can update nominee
Step 1: Click on the link to register Nominee(s) or opt-out declaration http://bit.ly/3Q6d0Tl
Step 2: Select 'Add Nominee'. You can also edit the nominee details such as the addition/modification in the existing folio's where Nominee's already registered, or No Nomination opted.
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