NRI

PANs not linked to Aadhar will be deactivated from April 1, 2022 leading to suspension of operations in the bank accounts, securities/MF accounts linked to such PANs. The tax department has not clarified how they will distinguish PANs of NRIs/OCIs or other persons who may not be eligible to apply for Aadhar and keep such PANs active. The tax department has not provided any facility for NRIs/OCIs to keep their PANs activated by marking themselves as ineligible for Aadhar. Deactivation of PANs will lead to serious consequences for affected individuals and the Income Tax department owes it to them not to wait till the last minute and to come out with a solution well in time. Harsh Roongta’s article in Business Standard today where he outlines that these are not the only tax travails faced by NRIs/OCIs.