In the light of the instructions of the Central Government, on the sale of any property worth more than Rs 50 lakh, one percent TDS has to be deposited with the government, while 99 percent of the amount has to be paid by the seller. Whereas those who have not linked Aadhaar-PAN, now the Income Tax Department is sending notices to the TDS deductor to deposit 20 percent amount.
Income Tax Notice: Now the Income Tax Department is sending notices indiscriminately for the session 2023-24 to the customers who have not linked Aadhaar and PAN card. Actually, the Income Tax Department has instructed everyone to link Aadhaar-PAN. The deadline for this was till June 2023.
After this, somehow DTS has to be deducted on business transactions. Generally, business institutions deduct 0.1 to 10 percent TDS on the basis of Aadhaar-PAN link, but people who do not have Aadhaar-PAN link are facing tax demands of up to 20 percent. Regarding this, the concerned tax deductor is receiving notices from the department.
In fact, in the light of the instructions of the Central Government, on the sale of any property worth more than Rs 50 lakh, one percent TDS has to be deposited with the government, while 99 percent of the amount has to be paid by the seller. Whereas those who have not linked Aadhaar-PAN, now the Income Tax Department is sending notices to the TDS deductor to deposit 20 percent amount.
CA Ashish Rohatgi and CA Rashmi Gupta said that many such cases are coming. The PAN of these people is considered inoperative. In such a situation, now the amount will have to be deposited, because the government has given a lot of time to link PAN-Aadhaar, but despite this, it is causing problems due to not linking.
Get the link done soon with late fine
CA Ashish Rohatgi and CA Rashmi Gupta said that there is no solution in the old case, but those who have not yet linked Aadhar-PAN, then link it soon with a fine of Rs 1,000. This can avoid any kind of problem in future transactions.
