PAN-Aadhaar Linking: Income Tax Department (I-T department) wrote on social media platform ‘X’ on Tuesday, “To avoid tax deduction (TDS) at higher rate, link your PAN with Aadhaar before May 31, 2024.” .
PAN-Aadhaar Linking: Income tax department has advised taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at higher rate. As per income tax rules, if the Permanent Account Number (PAN) is not linked to the biometric Aadhaar, TDS will be deducted at double the applicable rate. The Income Tax Department had issued a circular last month, in which it was said that if one’s PAN is linked to Aadhaar by the due date of May 31, then no action will be taken.
Deadline is till 31st May
The Income Tax Department (I-T department) wrote on the social media platform ‘X’ on Tuesday, “To avoid tax deduction (TDS) at higher rate, link your PAN with Aadhaar before May 31, 2024. If you have not added PAN yet, keep this deadline in mind. In a separate post, the IT department has also asked reporting entities including banks, forex dealers to file Statement of Financial Transactions (SFT) by May 31 to avoid penalties. The department said, “The last date for filing SFT is May 31, 2024.” Avoid penalties by filing accurately and on time.
A fine of Rs 1000 will be imposed
Reporting entities foreign exchange dealers, banks, sub-registrars, NBFCs, post offices, bond/debenture issuers, mutual fund trustees, companies paying dividends or buying back shares are required to file SFT returns with the tax authorities. A penalty of up to Rs 1,000 can be imposed for each ‘default’ day on delay in filing SFT returns. Penalty can also be imposed for not filing SFT or filing wrong details. The Income Tax Department keeps an eye on high value transactions made by an individual through SFT.
How to link PAN-Aadhaar?
There are many ways to link PAN with Aadhaar. You can get it done online or by sending SMS. We are explaining its process below.
How to link PAN-Aadhaar online?
- Open the income tax e-filing portal by visiting this link- https://incometaxindiaefiling.gov.in/.
- If not already registered then register. Your PAN number (Permanent Account Number) will be your user ID.
- Now login by entering your user ID, password and date of birth.
- A pop up window will appear, on which you will be asked to link PAN with Aadhaar. If it does not come then go to ‘Profile Settings’ and click on ‘Link Aadhaar’.
- Now the date of birth and gender details entered on the PAN will already be visible here.
- Now match these details with your Aadhaar details. If these details do not match in both the documents, then you will have to correct the one which is wrong first.
- If the details are matching then enter your Aadhaar number and click on “link now” button.
- A pop-up message will come, letting you know that your PAN has been linked to the Aadhar card.
- You can also visit https://www.utiitsl.com/ or https://www.egov-nsdl.co.in/ to link your PAN with Aadhaar.
PAN-Aadhaar Linking: Link through SMS
- Type UIDPAN on your phone.
- Enter 12 digit Aadhaar number.
- Then write the 10 digit PAN number.
- Now send the message to 567678 or 56161.
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