Pan Card: The Income Tax Department has issued an advice to its taxpayers to avoid higher rates. The Income Tax Department has given a reminder to the taxpayers that if they have not yet linked their PAN with Aadhaar, then get it done before May 31.
Otherwise they will have to pay TDS at double the applicable rate. The Income Tax Department had issued a circular last month saying that no action would be taken against them till the due date of May 31.
The Income Tax Department advised on a social media platform that taxpayers should please link their PAN and Aadhaar before May 31, 2024 so that they can avoid tax deduction at higher rate.
The CBDT had issued a circular on 23 April 2024, stating that if PAN is linked to Aadhaar by May 31, 2024 for transactions up to March 31, 2024, then tax deduction at higher rate can be avoided. Who will have to get the linking done
Under section 139 AA of the Income Tax Act, every person who was allotted a PAN on July 1, 2017 and who is eligible to get an Aadhaar number, has to give his Aadhaar in the prescribed form. If someone does not link Aadhaar and PAN by June 30, 2023, then his PAN will be deactivated.
There are some people who are exempted from this, who do not come under the effect of PAN deactivation. Some categories of people are exempted such as non-residents, persons above 80 years of age or persons whose age has become 80 years or more during the previous financial year.
How to link Aadhaar and PAN
Step 1: isit the Aadhaar website of the Income Tax Department –
https://www.incometax.gov.in/iec/foportal/
Step 2: Click on ‘Link Aadhaar’ under ‘Quick Links’. Enter your PAN, Aadhaar number and name registered in the Aadhaar card.
Step 3: Enter your details
PAN number
Aadhar number
Your name on the Aadhaar card
Your mobile number
If the Aadhaar card only has the year of birth, check the corresponding box. Also, check the box giving consent to verify Aadhaar details. Next, click on the ‘Link Aadhaar’ button.
Step 4: Fill in the captcha code
An OTP will be sent to your registered mobile number. Next, click on the Verify button.
Note: You can link your Aadhaar and PAN only after paying a fine of Rs 1,000.
After doing this, you can check whether your PAN is linked to Aadhaar or not by visiting the income tax site and clicking on the Link Aadhaar Status option.
