Link PAN-Aadhaar: The Income Tax Department issued a reminder to taxpayers to link Permanent Account Number (PAN) with Aadhaar by May 31. Posting on X (formerly Twitter), the IT department said that meeting this deadline is important in order to avoid higher tax deductions at source (TDS). The Income Tax Department said, "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 Section 206AA and 206CC of the Income Tax Act, 1961, due to an inoperative PAN for transactions entered into before March 31, 2024," the post read.
What if you miss the deadline to link PAN with Aadhaar?
Link PAN-Aadhaar: The IT department said that meeting this deadline is important in order to avoid higher tax deductions at source (TDS).
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Taxpayers who miss the deadline may face financial repercussions as they will be subject to higher tax deductions and collections as per Sections 206AA and 206CC of the Income Tax Act, 1961.
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Home/Business/Link PAN with Aadhaar by this date to avoid higher TDS, warns IT department. Here's how to do it
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