Post Office FD: From April 1 last year, it was made mandatory to provide PAN and Aadhaar information to invest in post office schemes. According to the latest information, the Postal Department will re-verify the authenticity of the investor’s PAN by matching it with the data of the Income Tax Department.
Its purpose is to ensure that the PAN and Aadhaar of the investment are linked. Apart from this, whether the details of the name and date of birth given by the investor for the scheme of the Postal Department are correct or not. If any discrepancy is found, investors will not be able to invest in these schemes.
Amendment in verification system The PAN verification system is linked to the system of Proteus E-Garv Technologies. It was formerly known as NSDL. PAN is validated on the basis of feedback received from it.
If you have not yet linked your PAN card with Aadhaar, get it done immediately. The Income Tax Department has relaxed the deadline for imposing penalty on those who have not been able to link PAN-Aadhaar by the deadline of June 30, 2023. According to the Income Tax Department, no action will be taken for less deduction of TDS if PAN is linked to Aadhaar by May 31.
As per the Income Tax rules, the taxpayer has to link his PAN with his Aadhaar number. If these two are not linked, then it is necessary to deduct TDS at twice the applicable rate. So many PAN cards became inactive According to the data, last year i.e. in the year 2023, about 12 crore PAN cards became inactive due to non-linking with Aadhaar card.
If your PAN card is not linked to Aadhaar, then you will not be able to do any bank related work, because PAN card is required for almost all the bank works. PAN, Aadhaar is mandatory for savings schemes. In the notification issued by the Department of Posts on May 7, it was said that your PAN will no longer be valid for tax related work. If your PAN is deactivated, then pending tax dues and interest on it will not be issued.
At the same time, tax will be deducted at a higher rate at the source. If PAN is not linked to Aadhaar, then TDS will be deducted at twice the rate applicable on it while making transactions.
