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of <h1>New Rule 114AAA: PANs Inoperative if Not Linked to Aadhaar by March 31, 2020; Penalties Apply for Non-Compliance.</h1> The Income-tax (5th Amendment) Rules, 2020, issued by the Central Board of Direct Taxes, amend the Income-tax Rules, 1962. Effective from their publication date, these rules introduce Rule 114AAA, which addresses the inoperability of a permanent account number (PAN) if the Aadhaar number is not linked by March 31, 2020. If a PAN becomes inoperative, it is deemed not furnished for tax purposes, incurring penalties. Once the Aadhaar is linked post-deadline, the PAN becomes operative again. The Principal Director General of Income-tax (Systems) will determine the procedures for verifying PAN status.
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