Team Blitz India
NEW DELHI: The Income Tax Department has recently sent out a reminder to taxpayers, emphasising the importance of linking their PAN with Aadhaar by May 31, 2024. This latest notification by the department underscores the necessity of meeting the deadline to prevent higher tax deductions at source (TDS).
“Kind 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 deduction/tax collection under Sections 206AA and 206CC of the Income Tax Act, 1961, due to an inoperative PAN for transactions entered into before March 31, 2024,” the tax department said in a post on social media platform X.
According to Chetan Daga, founder of AdvantEdge Consulting, the original due date to link PAN and Aadhaar was March 31, 2024, which was then extended to May 31, 2024. “If PAN and Aadhaar are not linked, incomes received by the taxpayer will suffer higher TDS at 20% instead of 10%,” he said.
