Don't Miss Out! Last Day to Link PAN with Aadhaar Today to Avoid Higher TDS
The last day to link PAN with Aadhaar is today, and you need to act fast to avoid higher TDS. In this video, we guide you through the simple steps to link your PAN with Aadhaar quickly and efficiently. Failing to link these two crucial documents can result in higher TDS deductions, impacting your financial health.
Link PAN with Aadhaar
The Income Tax Department reminded taxpayers to link their PAN with their Aadhaar by May 31, 2024. Here's how to do it:
The Income Tax Department reminded taxpayers to link their PAN with their Aadhaar by May 31, 2024. Posting on X (formerly Twitter), the IT department said, “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 deductions or collections under Section 206AA and 206CC of the Income Tax Act, 1961, due to an inactive PAN for transactions done before March 31, 2024.”
Link PAN with Aadhaar
Link PAN with Aadhaar: Here's how to link PAN with Aadhaar and why you need to do it before May 31.
Read more: Link PAN with Aadhaar by this date to avoid higher TDS, warns IT department. Here's how to do it
To link your PAN with Aadhaar:
- Visit the e-Filing Portal and click on ‘Link Aadhaar’ in the Quick Links section.
- Enter your PAN and Aadhaar Number and click on ‘Continue’ to Pay Through e-Pay Tax.
- Enter your mobile number to receive an OTP and after entering it, you will be redirected to the e-Pay Tax page.
- Click on ‘Proceed’.
- Select the relevant Assessment Year and Type of Payment as ‘Other Receipts’ (500).
- Click ‘Continue’ and after successful payment, revisit the ‘Link Aadhaar’ page.
- Verify details and click ‘Continue’ to submit the PAN-Aadhaar link request.
Read more: From Aadhaar card update to driving license: Key rules changing from June 1
Consequences of not linking PAN with Aadhaar
According to the CBDT, “Following the notification substituting rule 114 AAA of the Income-tax Rules, 1962 (the Rules) via notification no. 15 of 2023 dated 28th March, 2023, it is clarified that a person who has not provided the Aadhaar number following section 139AAA of the Income-tax Act, 1961 (the Act) read with rule 114AAA shall face these consequences due to an inactive PAN:
- No tax refund will be made to him under the provisions of the Act.
- Interest will not be payable to him on such a refund from the date specified under sub-rule (4) of rule 114AAA until it becomes active.
- Where tax is deductible under Chapter XVII-B for such a person, such tax shall be deducted at a higher rate under section 206AA.
- Where tax is collectable at source under Chapter XVII-BB for such a person, such tax shall be collected at a higher rate under section 206CC.”
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