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Submitted URL: https://techitrends.com/2024/05/link-pan-with-aadhaar-how-to-link-process-tds-penality.html
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Submission: On November 21 via api from US — Scanned from IT
Effective URL: https://www.techitrends.com/2024/05/link-pan-with-aadhaar-how-to-link-process-tds-penality.html
Submission: On November 21 via api from US — Scanned from IT
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Pages * Home * About * Privacy Policy * Disclaimer * Contact us * Tech Updates * Traffic Challan * Passport Categories * News * Tech News * Business * Banking * Tax * How TO * Know About * Tips * Google * Court Jobs * IIT * Reserve Bank of India * State Bank Of India * Bank of Maharashtra * Central Bank Jobs * Exclusive * Doordarshan * AIIMS * Air India * ESIC * Android * ISRO * Metro Rail * NIT * ONGC * CRPF * Municipal * NHAI * BHEL * BSF * BSNL * DRDO * PF * PAN Home * Aadhaar * How TO * PAN Card * Link PAN with Aadhaar to avoid TDS Penalties – Here's How-to do it LINK PAN WITH AADHAAR TO AVOID TDS PENALTIES – HERE'S HOW-TO DO IT · The Income Tax Department has extended the deadline for imposing penalties on taxpayers who missed linking their Permanent Account Number (PAN) with their Aadhaar Number by the June 30, 2023 deadline. Additionally, the department announced that no action will be taken regarding short deductions of Tax Deducted at Source (TDS) if taxpayers link their PAN and Aadhaar by May 31. This extension provides relief to those who missed the original deadline. According to income tax regulations, taxpayers must link their biometric Aadhaar number to their PAN; failure to do so results in TDS being withheld at double the relevant rate. The Central Board of Direct Taxes (CBDT) stated in a circular dated April 24: "Taxpayers have lodged several grievances stating that they received notices indicating non-compliance with the 'short-deduction/collection' requirements of TDS/TCS during transactions where the PANs of the deductees/collectees were non-functional." In some cases, the department has initiated claims against deductors/collectors during the processing of TDS/TCS statements because the deduction or collection was not done at a higher rate. The CBDT announced that for transactions conducted up to March 31, 2024, and where the PAN becomes operative (due to linkage with Aadhaar) on or before May 31, 2024, deductors/collectors will not be liable to deduct/collect tax at a higher rate. This measure addresses the complaints made by such deductors/collectors. If You Fail To Link Your With Your Aadhaar - Know the Consequences * Your PAN will stop working. * Interest on outstanding tax refunds will not be paid out. * A greater rate of TDS deduction will be necessary. * TCS will need to be collected at high interest. Steps to link PAN with Aadhaar Number:- * Visit incometaxindiaefiling.gov.in to access the Income Tax Department’s website. * Under the “Quick Links” section, select the “Link Aadhaar” option. * After entering your Aadhaar and PAN, select “Validate.” * After entering your cellphone number and name as it appears on your Aadhaar card, select “Link Aadhaar.” * After entering the OTP that was sent to your mobile device, select “Validate.” Filed in: Aadhaar , How TO , PAN Card ABOUT TECHITRENDS Rakhi is a seasoned technology writer with over a decade of experience covering the latest trends in the tech industry. Rakhi provides insightful commentary on a wide range of topics, from cutting-edge gadgets and software developments to cybersecurity and artificial intelligence. When not writing, Rakhi enjoys experimenting with new tech, gaming, and exploring the ever-evolving digital landscape. SHARE THIS POST * Facebook * Twitter * Google+ * Whatsapp Newer Post Older Post TRENDING * Here are Revised Vehicle Traffic Challan Rate List 2024 * ITR Filing FY24 - Key Tax Filing Guidelines to Remember Before the Deadline * Link PAN with Aadhaar to avoid TDS Penalties – Here's How-to do it * Google Latest Android Features get these updates * How To Record WhatsApp Calls with these simple steps * Indian Passport :- Different Types of Passport and Application Procedures * Determining the Best Time to Pay Your Credit Card Bill * Unlocking the Potential of Index Funds: A Guide to Investing Effectively * Know the Important Guidelines for Bounced Cheques * Updating Your Mobile Number in Your PF Account: A Step-by-Step Guide * Recent Posts * Comments * Labels * How To Record WhatsApp Calls with these simple steps * Updating Your Mobile Number in Your PF Account: A Step-by-Step Guide * Instagram Introduces Enhanced Notes and Interaction Limits for Close Friends * Link PAN with Aadhaar to avoid TDS Penalties – Here's How-to do it LABELS * Aadhaar * Ai * Android * Banking * Business * ChatGPT * Credit Card * Google * How TO * Instagram * ITR * Know About * News * PAN Card * Passport * PF * Tax * Tech News * Tech Updates * Telecos * Tips * Traffic Challan * Vi * WhatsApp POPULAR POSTS * Here are Revised Vehicle Traffic Challan Rate List 2024 If you believe you can evade traffic rules as before, think again. 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Despite its seemingly trivial nature, bouncing a c... * Updating Your Mobile Number in Your PF Account: A Step-by-Step Guide In the digital age, the value of mobile technology has grown significantly, particularly in the context of banking and finance. With mobile ... ARCHIVE * June (1) * May (13) SEARCH THIS BLOG LATEST NOTIFICATION 1. How To Record WhatsApp Calls with these simple steps 2. Updating Your Mobile Number in Your PF Account: A Step-by-Step Guide 3. Instagram Introduces Enhanced Notes and Interaction Limits for Close Friends 4. Link PAN with Aadhaar to avoid TDS Penalties – Here's How-to do it 5. Here are Revised Vehicle Traffic Challan Rate List 2024 6. Google Latest Android Features get these updates 7. 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