look news india
Income Tax Returns: A special message tweeted by the Income Tax Department. In this message, a big thing was conveyed to crores of tax payers through X. More importantly, IT has been appealed to link PAN with Aadhaar by May 31. The Income Tax Department on Tuesday asked taxpayers to link their PAN number with Aadhaar before May 31 to avoid more tax deduction. According to the rules of the Income Tax Department, if the Permanent Account Number (PAN) is not linked to the biometric Aadhaar, then TDS deduction is required at twice the applicable rate.
A circular was issued by the Income Tax Department last month in which it was said that if the taxpayer links his PAN with Aadhaar by May 31, then no action will be taken for short deduction. Social media site
In a separate post, the IT department asked reporting entities including banks, forex dealers to file SFT by May 31 to avoid penalties. The deadline for SFT (Statement of Specified Financial Transactions) is May 31, 2024, the IT department said. And avoid penalties by filing correctly on time.