PAN cards and Aadhar cards are documents that are used across the country and citizens should have them. Fresh updates regarding the Aadhaar card keep coming every day. Meanwhile, a circular has been issued by the Income Tax Department which the taxpayer must know. The last date for linking PAN and Aadhar Cards has been extended to 31 May. Know how to link and what problems can arise if you don't do so?
What did CBDT say?
A circular by the Central Board of Direct Taxes (CBDT) said that several complaints have been received from taxpayers stating that they have received notices in this regard. It has been mentioned in the notice that where PAN was inactive, they defaulted in deducting/collecting less TDS/TCS at the time of making such transactions. In such cases deduction/collection has not been made at the higher rate. Therefore, the department has raised tax demand during the processing of TDS/TCS details.
What did the experts say?
To resolve the complaints made regarding this, CBDT said that if PAN is activated (after linking with Aadhaar) on or before May 31, 2024, related to transactions done till March 31, 2024, then the deductor/ There will be no obligation on the Collector to deduct/collect tax (at a higher rate).
The Income Tax Department said that if the taxpayer does not link his PAN with Aadhaar by May 31, 2024, TDS will be charged at double the current rate.
How to link Aadhaar and PAN cards online? (How to link Aadhaar-PAN Online?)
First of all, you have to go to the official website of the Income Tax Department.
Sign up and if already registered then login and proceed.
To log in, fill PAN card number, password, and DOB.
Link Aadhaar option will appear on the home page, click on it.
Enter your PAN card number, Aadhar number, and name.
After verification, enter the captcha code shown on the screen.
You have to click on the Link Aadhaar button.
Let us tell you that if all the details you have entered match with the PAN and Aadhaar records, then you will have to proceed and click on the Link Now button. After completing the linking process, you will be able to confirm through a pop-up message that PAN has been linked to the Aadhaar number.
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