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Link Pan Adhaar if Not Yet 31st May Liable to Pay Double Tax

By Online - India Result

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Link Pan Adhaar if not yet 31st liable to pay double tax

Income Tax Department Warns Individuals Who Have Not Linked PAN Card and Aadhaar Card. Income Tax Department Urges Link Pan Adhaar if not yet 31st of May 2024 then Income Tax Department Warns Individuals Who Have Not Linked PAN Card and Aadhaar Card laible to pay double tax

In a recent development, the Income Tax Department has issued a stern warning to individuals who have not yet linked their PAN (Permanent Account Number) card with their Aadhaar card. The department has emphasized the importance of this linkage and has urged taxpayers to comply with the requirement without delay.

Why Link PAN with Aadhaar?

  1. Avoid Higher Tax Deductions:
    • Failing to link PAN and Aadhaar could lead to higher tax deductions at source (TDS).
    • Section 206AA and 206CC of the Income Tax Act, 1961, come into play.
    • An inoperative PAN for transactions before March 31, 2024, could cost you dearly.
  2. Impact on Income Tax Return (ITR) Filings:
    • The last date to file ITR is July 31, 2024.
    • Non-linkage could significantly affect your ITR filings.

How to Link PAN with Aadhaar?

Linking the PAN card and Aadhaar card has become a crucial step in the taxation process. It enables the government to effectively track financial transactions, prevent tax evasion, and ensure transparency in the system. The deadline for linking these two essential identification documents was set by the government, and individuals failing to comply may face legal consequences and liable for pay double taxation befor 31st.

Individuals who have not yet linked their PAN card and Aadhaar card are advised to do so as soon as possible. The process is relatively simple and can be completed online or offline. Taxpayers can visit the official website of the Income Tax Department or the nearest PAN service center to initiate the linkage.

The Income Tax Department has also cautioned against any fraudulent practices related to this linkage. Taxpayers are advised to be cautious and avoid falling prey to scams or unauthorized websites claiming to offer assistance in linking PAN and Aadhaar. It is essential to rely only on official channels and follow the prescribed procedures to ensure the authenticity and security of personal information.

  1. Online Method:

The Income Tax Department has highlighted the significance of this linkage, as it facilitates the smooth processing of tax returns and simplifies the verification process. It also helps in eliminating duplicate or fake PAN cards, reducing the possibility of fraudulent activities. By connecting the PAN card with Aadhaar, the government aims to create a seamless and efficient tax ecosystem.

Consequences of Non-Linkage

Failure to link the PAN card and Aadhaar card may result in the invalidation of the PAN card, rendering it unusable for financial transactions and tax-related purposes. Additionally, individuals who fail to comply with this requirement may face penalties and legal consequences as per the provisions of the Income Tax Act.

The Central Board of Direct Taxes (CBDT) emphasizes the importance of this linkage. Their circular (CBDT Circular No. 6/2024) outlines the regulations and potential consequences:

The Income Tax Department remains committed to simplifying the tax process and ensuring compliance among taxpayers. The linkage of PAN card and Aadhaar card is a significant step towards achieving this goal. It is crucial for individuals to understand the importance of this linkage and take the necessary steps to comply with the government’s directive.

  1. Double TDS/TCS Rates:
    • Deductors/collectors faced issues due to inoperative PANs.
    • Transactions since April 1, 2024, led to tax notices for “short-deduction/collection.”
    • The CBDT clarifies that higher rates apply in such cases.

To link the PAN card and Aadhaar card, individuals need to provide certain information such as their PAN number, Aadhaar number, and other necessary details. Once the linkage is successfully completed, taxpayers can enjoy the benefits of a hassle-free tax filing process and avoid any potential legal implications.

Remember, your PAN and Aadhaar are like puzzle pieces. Fit them together before the deadline to ensure a smooth tax journey. Don’t let your PAN become inoperative—link it now

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