Link PAN with Aadhaar by May 31st! Avoid Higher TDS!
The deadline to link your PAN with Aadhaar is fast approaching. By May 31st, all taxpayers must ensure this linkage to avoid higher tax deductions and penalties. This blog explains the importance, consequences of missing the deadline, and offers a step-by-step guide for linking PAN with Aadhaar. Stay compliant with the latest tax regulations to ensure smooth financial transactions and avoid complications.
PAN-Aadhaar Linking Deadline Extended
Deadline: The deadline to link your PAN with Aadhaar has been extended to May 31st, 2024. This means you have a few more days to get it done.
Impact of Linking
Linking your PAN with Aadhaar ensures your PAN remains active and avoids any complications.
Penalty for Not Linking
If you don't link your PAN with Aadhaar by May 31st, your PAN will become inoperative. This can lead to a higher TDS (Tax Deducted at Source) rate on certain financial transactions. However, there's a relief:
The tax department has clarified that if you link your PAN with Aadhaar by May 31st, even if TDS was deducted at a higher rate earlier (up to March 31st, 2024), you won't be liable to pay any additional tax.
Here's what you can do:
- Check Linking Status: Head to the Income Tax Department's website (https://www.incometax.gov.in/iec/foportal/) and verify if your PAN is already linked to your Aadhaar.
- Link PAN with Aadhaar: If not linked, follow the instructions on the website for online linking. It's a quick and easy process.
Remember: Linking your PAN with Aadhaar is mandatory and offers several benefits. Don't miss the deadline and ensure a smooth financial experience.
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Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com
Krishna Gopal Varshney
An editor at apnokacaKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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Krishna Gopal Varshney
An editor at Myitronline
Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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