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Taxpayers who fail to meet this deadline may face financial consequences, as they will be subject to higher tax deductions and collections as per Sections 206AA and 206CC of the Income Tax Act, 1961.
Know How To Check If Your PAN Is Linked With Aadhaar.
The Income Tax Department has issued a crucial reminder for all taxpayers: link your Permanent Account Number (PAN) with your Aadhaar Card before Friday, May 31. Failure to comply will result in higher tax deductions at source (TDS). This announcement was made via the social media platform X, emphasising the importance of this linkage to avoid financial penalties.
Taxpayers must link PAN with Aadhaar by May 31, 2024 to avoid higher tax deductions under Sections 206AA and 206CC of the Income Tax Act, 1961. Reminder issued by the Income Tax Department to enforce compliance and streamline tax administration.
The I-T department noted that if a taxpayer fails to link the PAN with Aadhaar Card then it will lead to tax deduction at a higher rate.