If you haven't done THIS, you will have to pay higher tax as deadline ends
The Income Tax Department has been warning taxpayers, urging them to link their Permanent Account Number (PAN) with Aadhaar by May 31st, 2024. Failing to do so will result in a higher Tax Deducted at Source (TDS) being deducted from their income.
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FollowTaxpayers have been sent warnings by the Income Tax Department, advising them to link their Permanent Account Number (PAN) to Aadhaar by May 31st, 2024. If they don't, their income will be subject to a greater Tax Deducted at Source (TDS). If your PAN is not linked to Aadhaar by the deadline, tax will be deducted at twice the usual rate for transactions entered into before March 31st, 2024.
Relief for Tax Deductors! Tax deductors who withheld TDS at a higher rate won't be punished if a taxpayer links their PAN-Aadhaar by May 31st, even if their PAN was previously inactive.
There are several taxpayer groups that are not required to link PAN and Aadhaar. For further information, contact the Income Tax Department.
A PAN that is not functional because it is not linked to Aadhaar may result in several problems: being unable to get tax reimbursements., interest on tax returns being lost, statement of Specified Financial Transactions (SFT) Filing; and having trouble completing financial transactions.
By May 31st, banks and other reporting companies must submit the Statement of Specified Financial Transactions (SFT), per a directive from the Income Tax Department. Tax authorities can track important financial transactions with the use of this declaration.
How to link your PAN to your Aadhaar and Pay Late Fees:
- Go to the income tax official e-filing website.
- Find the PAN-Aadhaar connection area and choose ITNS 280 Challan No.
- Select the relevant tax head and provide the necessary information, such as PAN, address, and assessment year.
- Get a receipt after making the payment.
- After the payment has been completed, you can link your PAN to your Aadhaar.
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