Very important news for them those who have not linked their PAN with Aadhaar card. If you have not linked, then your tax deduction source (TDS) will be cut doubled. To avoid this loss, you can complete this process till May 31st.
The Income Tax department has stated that, they will not take any actions if PAN is linked with Aadhaar by this deadline. However, failure to link PAN biometrically with Aadhaar will result in deductions at twice the standard rate as per income tax regulations.
This decision aims to assist taxpayers whose PANs were deactivated due to non-linkage with Aadhaar. Sandeep Sehgal, Partner (Tax) of AKM Global, emphasized the importance of promptly linking Aadhaar with PAN for affected individuals.
Official data indicates that as of January 29, 2024, approximately 11.48 crore PANs were not linked with Aadhaar. In a response in Lok Sabha, Minister of State for Finance Pankaj Chaudhary disclosed that the government imposed a fine of Rs 601.97 crore for delays in linking PAN with Aadhaar between July 1, 2023, and January 31, 2024.