Income Tax Department reminder ALERT! Link PAN with Aadhaar by May 31 to avoid higher TDS
The Income Tax Department on Tuesday issued a reminder, urging taxpayers to link their Permanent Account Number (PAN) with Aadhaar by May 31, 2024. The I-T department, in a post on X, said that those who fail to meet the deadline will face a higher rate of tax deduction at source (TDS).
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FollowTaxpayers are reminded by the Income Tax Department to link their Permanent Account Number (PAN) to Aadhaar by May 31, 2024. The notice underlines how crucial it is to meet this deadline in order to prevent more tax deductions at source (TDS). It was posted on X, previously Twitter.
The Income Tax Department notified taxpayers of the important deadline on May 28, 2024, through social media. The department stated in its post that there would be a higher rate of TDS if PAN and Aadhaar were not linked.
"Kind attention taxpayers, please link your PAN with Aadhaar before May 31, 2024... Linking your PAN with your Aadhaar by May 31 ensures you don’t face higher tax deduction/tax collection under Section 206AA and 206CC of the Income Tax Act, 1961, due to an inoperative PAN for transactions entered into before March 31, 2024," the post read.
If taxpayers fail to meet the linking requirement by the deadline, they will be subject to severe financial penalties. In particular, they will be liable to increased tax deductions and collections under the 1961 Income Tax Act Sections 206AA and 206CC. The purpose of this action is to expedite tax administration and ensure compliance.
How to link PAN with Aadhaar card?
- Go to incometaxindiaefiling.gov.in, the Income Tax Department's official website.
- Go to the "Quick Links" section and choose "Link Aadhaar" from the menu.
- After entering your PAN and Aadhaar number, select "Validate."
- After entering your cellphone number and name as it appears on your Aadhaar card, select "Link Aadhaar."
- Click the "Validate" button after entering the OTP that was issued to your cell phone to finish the procedure.
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