look news india
Aadhaar-Pan Link: If you do not link your PAN number with Aadhaar card before May 31, you will have to pay double TDS on your source of income. Giving relief to its taxpayers, the Income Tax Department has given a deadline till May 31 to link PAN with Aadhaar card. A warning has also been given that TDS will be collected at double the rate if the linking is not done within the stipulated time.
Will have to pay double TDS
According to the rules of the Income Tax Department, if the Aadhaar number is not linked to the PAN card, then double TDS will have to be paid. And no inquiry or action will be taken against taxpayers involved in short deduction of TDS. The Central Board of Direct Taxes had received several complaints from taxpayers that they were not aware about PAN-Aadhaar linking. Therefore, the Income Tax Department has extended the deadline and given relief.
Harassment for not linking PAN-Aadhaar
Taxpayers who do not link PAN-Aadhaar have to pay more than double the TDS. Those buying property have to pay 19 percent TDS. Whereas TDS is being deducted at a higher rate than the income of many businessmen. CBDT received many complaints regarding this and was requested to give time for the link.
19-20 percent TDS will have to be paid
Tax expert Ostwal said that those who had not linked their PAN number to Aadhaar card by June 30, 2023. Their PAN cards have been deactivated. Besides, the rent of his house has also increased. As a result, TDS has doubled to 19-20 percent. Besides, the Income Tax Department has also imposed a fine on him.
No refund will be given
People whose PAN number is not linked to Aadhaar card do not get TDS refund due to various reasons. Besides, the interest on tax refund is also less. Therefore, it is important to visit the ITR return filing site and check whether PAN-Aadhaar is linked or not.
Taxpayers complained
Income tax expert Rajesh Vyas said that the Income Tax Department has given a big relief to the taxpayers regarding TDS, TCS deduction by giving them time to link Aadhaar-PAN. He was slapped with several notices and fines for not linking within the earlier deadline. Therefore, the department has decided to provide utility to the taxpayers on their demand for more time. No action will be taken by the Income Tax Department on the notice sent to the linker under this time limit.