According to the Income Tax rules, if the Permanent Account Number (PAN) is not linked to the biometric Aadhaar, then TDS is required to be deducted at twice the applicable rate.

What is the detail

The Income Tax Department had issued a circular last month stating that no action would be taken if the assessee linked his PAN with Aadhaar by the due date of May 31. The department wrote on the social media platform ‘X’ on Tuesday, “Please link your PAN with Aadhaar before 31 May 2024 to avoid tax deduction at higher rate, if you have not done it already.

Also Read: New order to Gurugram traffic police: Don’t stop vehicles at night, no challans

In a separate post, the IT department also asked reporting entities including banks, foreign exchange dealers to file SFT by May 31 to avoid penalty. The department said, “The last date for filing SFT (Statement of Specified Financial Transactions) is May 31, 2024. Avoid penalty by filing correctly and on time.”

Fine up to Rs 1,000

Reporting entities Foreign exchange dealers, banks, sub-registrars, NBFCs, post offices, bond/debenture issuers, mutual fund trustees, companies paying dividends or buying back shares are required to file SFT returns with the tax authorities. Delay in filing SFT returns attracts a penalty of up to Rs 1,000 for each ‘default’ day. Penalties can also be levied for not filing SFT or filing incorrect details. The income tax department keeps a watch on high value transactions made by an individual through SFT.

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The Income Tax Department has made it mandatory to link PAN card with Aadhaar. Now its deadline has come very close and people have only a few days’ chance for this. Although many people complain that they are not able to do so. The Income Tax Department has given the reason for the failure of the effort. Along with this, the department has also given alternative measures.

This much penalty from July 1

First of all, know that under the Income Tax Act 1961, it has become necessary to link PAN card with Aadhaar. If you do not do this till June 30, 2023, then after that your PAN will stop working. Its deadline has been extended many times and now it can hardly be pushed further. If after June 30 i.e. from July 1, you will have to pay a penalty of Rs 1000 for this.

Kind Attention PAN holders!

While linking PAN with Aadhaar, demographic mismatch may occur due to mismatch in:
• Name
• Date of Birth
• Gender

To further facilitate smooth linking of PAN & Aadhaar, in case of any demographic mismatch, biometric-based authentication has… pic.twitter.com/UQuFnjda38

— Income Tax India (@IncomeTaxIndia) June 24, 2023

This will also be a loss

There are many disadvantages of delaying or not linking PAN card with Aadhaar. First of all, you have to pay penalty for delay. The Income Tax Department has made it clear that refund will be withheld if PAN is not linked with Aadhaar till the deadline. This means that if you do not link PAN and Aadhaar, you will not be able to get income tax refund. Apart from this, you will not get interest for the period for which the PAN is inoperative. Another major disadvantage of not linking PAN with Aadhaar is that you will be charged more TCS and TDS.

this is why the problem

Now know why the attempt to link PAN with Aadhaar is failing… The Income Tax Department says that due to mismatch in demographic information like name, date of birth and gender, there may be a problem in linking PAN with Aadhaar. Is. The Income Tax Department has told that in such a situation, the taxpayer should first get the wrong information of PAN and Aadhaar corrected.

Last resort to link

If you have already done this i.e. you have corrected the mistakes of PAN and Aadhaar, but even after that you are not able to link, then the Income Tax Department has given a solution for this too. In such cases, you can visit the dedicated centers of PAN service providers. There you can avail the biometric based authentication facility by paying a fixed fee.

The post Aadhaar PAN Link: Aadhaar-PAN can not be linked due to this reason, Know the solution to avoid penalty first appeared on Rightsofemployees.com.

In such a situation, there are many important works which you must complete before March 31. Many major changes are going to happen from April 1, 2023 (Rules Changes From April 1, 2023). You may face problems if you do not complete the important work in March. At the same time, your budget can also be affected by this.

These changes include many things ranging from Aadhaar-PAN link to gas cylinder prices and bank holidays etc. It is very important for you to know in advance about these changes going to happen from April 1. With this you can complete all your work before 31 March 2023. After this you will not have to worry about these changes.

Change in rules for buying gold

If you are planning to buy gold, then know that it is going to change from April 1. According to the Ministry of Consumer Affairs, after March 31, 2023, jewelery bearing the four-digit Hallmark Unique Identification (HUID) as hallmark will not be sold. From April 1, 2023, only jewelery with a six-digit hallmark sign will be sold. The Consumer Ministry said that this decision has been taken regarding the confusion of 4 and 6 digit hallmarking.

Link pan card with Aadhaar

If you have not yet linked PAN card with Aadhaar, then do it immediately. If you do not do this, your PAN card will be junk. SEBI has announced that the last date to link PAN card with Aadhaar is March 31, 2023. Otherwise, the PAN card will become useless.

Gas Prices

Gas prices change on the first of every month. However, there was no change in the prices of gas in February. But in this month i.e. March, the price of LPG gas cylinder had increased. LPG cylinder prices have increased by Rs 50. The price of domestic gas cylinder was increased by Rs 50 and that of commercial cylinder by Rs 350. In the last two years, the price of LPG gas cylinder has increased by Rs 284.

The post Rules Changes From April 1, 2023: Complete this important work before March 31, these big changes are going to happen in April first appeared on Rightsofemployees.com.

If you have not linked both the documents yet, then his PAN card will be declared invalid. According to the Income Tax Department, if you do not link your Aadhaar card and PAN card by March 31, 2023, then your PAN card will expire. When your PAN card becomes inactive, it will be just a piece of plastic, which simply means that you will not be able to use it anywhere.

आयकर अधिनियम, 1961 के अनुसार, सभी पैन धारकों के लिए, जो छूट की श्रेणी में नहीं आते हैं, 31.03.2023 से पहले अपने पैन को आधार से जोड़ना अनिवार्य है।

जो पैन(PAN) आधार(Aadhaar) से नहीं लिंक किए गए हैं, वे पैन 01.04.2023 से निष्क्रिय हो जाएंगे ।

जो अनिवार्य है, आवश्यक है। pic.twitter.com/HiFamrv5F0

— Income Tax India (@IncomeTaxIndia) December 3, 2022

Income tax department tweet

As per the Income Tax Act, 1961, it is mandatory for all PAN holders, who do not fall in the exempted category, to link their PAN with Aadhaar before 31.03.2023. Those PANs which are not linked to Aadhaar, those PANs will become inactive from 01.04.2023. What is essential is necessary.

How to link Aadhaar and PAN card

• Go to the Income Tax e-filing website.
• On the left side of the site page, you will find the option of quick links.
• Click on ‘Link Aadhaar’ option.
• You have to enter your PAN, Aadhaar number and name.
• After giving this information, an OTP will be sent to you.
• After entering the OTP, your Aadhaar and PAN will be linked.

How to check PAN-Aadhaar link or not

• Go to the e-filing website www.incometaxindiaefiling.gov.in.
• Go to the ‘Quick links’ head at the top and click on ‘Link Aadhaar’.
• After this a new page will open on the screen.
• There will be a hyperlink at the top of this page which will say You have already requested to link Aadhaar, so click here to know the status.
• After clicking on this hyperlink, you will have to enter the details of your PAN and Aadhaar.
• Click on ‘View Link Aadhaar Status’. In its result, you will know whether PAN is linked to your Aadhaar or not.

How to link PAN with Aadhaar via SMS

Taxpayers who want to link Aadhaar number with PAN need to send SMS to 567678 or 56161 from their registered mobile number. Its format is UIDPAN<space><12 digit Aadhaar card><space><10 digit PAN> then send it to 567678 or 56161. For example, if your Aadhaar number is 123456123456 and PAN card number is ABCDE0007M, then you have to type the message: UIDPAN 123456123456ABCDE0007M. If the name and date of birth of the taxpayers are identical in both Aadhaar and PAN, then it will be linked. At the same time, for more information, you can visit the website of Income Tax.

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