look news india
The Income Tax Department on Tuesday asked taxpayers to link their PAN number with Aadhaar before May 31 to avoid higher tax deduction. As per the Income Tax Department rules, if the Permanent Account Number (PAN) is not linked with the biometric Aadhaar, then TDS is required to be deducted at twice the applicable rate. Just last month, a circular was issued by the Income Tax Department stating that if the taxpayer links his PAN with Aadhaar by May 31, then no action will be taken on short deduction. To avoid tax deduction at higher rate, please link your PAN with Aadhaar before May 31, 2024, if you have not done so already, In a separate post on the social media site, the IT department asked reporting entities including banks, foreign exchange dealers to file SFT by May 31 to avoid penalty. The IT department said that the deadline for SFT (Statement of Specified Financial Transaction) is May 31, 2024. And avoid penalty by filing correctly on time.
