Income Tax department issues fresh reminder on PAN-Aadhaar linking to avoid higher TDS. Check details
India TV NewsThe Income Tax Department has issued a fresh notification to taxpayers, asking them to link their Permanent Account Number with Aadhaar by 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," said the I-T Department. Failure to link PAN with Aadhaar could significantly affect income tax return filings, with the deadline for filing ITR set for July 31, 2024. According to Section 139AA of the Income Tax Act, every individual allotted a PAN as of July 1, 2017, and eligible for an Aadhaar number, is required to link the two in the specified form and manner.