Notification No. 15/2023, dated 28-03-2023
The Central Board of Direct Taxes has substituted Rule 114AAA to notify consequences that apply if a PAN of a person becomes inoperative due to non-linking with his Aadhaar.
Rule 114AAA(4) lists the following consequences during the period that PAN remains inoperative:
a) no refund shall be granted against inoperative PANs;
b) interest shall not be payable on such refund for the period during which PAN remains inoperative; and
c) Tax shall be deducted/collected at a higher rate, as provided in the Income-tax Act.
It should be noted that those persons who have been exempted from PAN-Aadhaar linking will not be liable for the consequences mentioned above. This category includes an Individual residing in States of Assam, Jammu and Kashmir and Meghalaya; a non-resident individual as per the Income-tax Act; an Individual whose age is 80 years or above at any time during the previous year; an individual who is not a citizen of India.
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