Today is crucial for all taxpayers. Many are dealing with excess TDS (Tax Deducted at Source) deductions. Today is the last chance to prevent this issue.
The Income Tax Department has issued a reminder to taxpayers about this.The Income Tax Department has also issued an alert to taxpayers regarding this matter.
Linking PAN with Aadhaar is Mandatory
The Income Tax Department requires taxpayers to link their PAN with their Aadhaar card by May 31, 2024.
Failure to do so results in higher TDS deductions. This is the final opportunity for taxpayers to avoid these extra deductions.
Alert from the Income Tax Department
Two days ago, the Income Tax Department reminded taxpayers on social media platform X. They urged: “Attention all taxpayers.
Link your PAN with Aadhaar before May 31, 2024. This will prevent excessive TDS deductions under sections 206 AA and 206 CC of the Income Tax Act 1961.”
Consequences of Not Linking PAN with Aadhaar
If taxpayers do not link their PAN with Aadhaar by the deadline, they will face several issues, primarily financial losses from higher TDS
and TCS (Tax Collected at Source) on transactions. The Income Tax Department states this requirement is to ensure compliance and streamline tax administration.
Process to Link PAN with Aadhaar
1) Visit the Income Tax Department’s e-filing portal: Income Tax E-filing Portal
2) Go to the Services menu and select “Link PAN-Aadhaar.”
3) Enter your PAN and Aadhaar details.
4) Verify using the captcha or OTP.
5) Once verified, your PAN and Aadhaar will be linked.
