Aadhaar-PAN link: If Aadhaar-PAN is not linked by May 31, this problem will also face double tax deduction.
If Aadhaar-PAN is not linked by May 31, more tax will have to be paid. The Income Tax Department said that if Aadhaar-PAN is not linked, the amount of TDS deduction will increase and PAN cards that are not Aadhaar linked will be deactivated. Here is more information on this.
If Aadhaar-PAN is not linked by May 31, this problem will also face double tax deduction
Bengaluru: You have to be aware of this news if you pay income taxes. Don't hesitate to link your Aadhaar and PAN right now. Your pocket will undoubtedly get sliced if you don't. In order to lower TDS and TCS deductions, the Income Tax Department has recommended that Aadhaar-PAN be connected by May 31. On May 28, a social media post was made with the subject line "Taxpayers, please link your Aadhaar-PAN before May 31.
To prevent excessive tax deductions and collections, you must link your PAN to Aadhaar by May 31 in accordance with Sections 206AA and 260CC of the Income Tax Act, 1961. Should this be the case, after March 31, 2024, the PAN will no longer be available for transactions.
The TDS deduction rate would rise and the unlinked PAN will be revoked if it is not linked to Aadhaar
Who should link Aadhaar and PAN?
Section 139AA of the Income Tax Act requires every person allotted a Permanent Account Number (PAN) as on July 1, 2017 and eligible to get an Aadhaar number to inform his Aadhaar number in the prescribed form and manner. If not linked with your Aadhaar till 30th June 2023 your PAN will become inactive. However, people falling under exempted category are not subject to the consequences of deactivation of PAN.
