PAN Aadhaar Link New Update: As we all know the Permanent Identity Number (PAN) and Aadhaar card are important documents for every Indian citizen. While the Income Tax Department (IT) issues PAN cards, the Unique Identification Authority of India (UIDAI) issues Aadhaar cards. PAN is a unique identification number given to individuals and businesses for tax purposes. Aadhaar number is a unique 12-digit number assigned to every Indian resident. However, the IT department has made it mandatory to link PAN and Aadhaar cards.
The Central Board of Direct Taxes (CBDT) has released a notification stating that the higher rate of TDS and TCS rates will not apply if the deductee or collectee dies before linking PAN and Aadhaar. On August, CBDT released a notification in this regard. Previously, the Department received many complaints from taxpayers claiming that the beneficiary and beneficiaries died within a certain period. In these cases, tax applications are delayed because the tax deductor or collector is unable to link the deceased person’s PAN and Aadhaar card.
No higher TDS/TCS is applicable for these deductees
According to the PAN Aadhaar Link New Update, if any taxpayers do not link PAN to Aadhaar, TDS will be deducted by 20%. Also, TCS will be charged 5% more under Section 206CC. “To address the concerns raised by taxpayers, the Commission said that higher TDS/TCS rates are applicable for transactions completed before March 31, 2024.
In case of death of the payable or the taxpayer dies, before May 2024, not required withdrawing or collecting the taxes due before May 31. The PAN Aadhaar Link new guidelines ensure that even if the PAN and Aadhaar link process is pending, the tax deducted or collected will not be excessively penalized. This guideline is issued to ease the burden on taxpayers and their families during such typical and sensitive times.
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All PAN cardholders should keep in mind that the TDS is deducted at a higher rate when the PAN of the taxpayers is not linked to their Aadhaar card. Apart from this, without linking with an Aadhaar card the PAN becomes inoperative.
PAN Aadhaar Link through the e-filing website
Step 1: First of all, you have to visit the link https://www.incometax.gov.in/iec/ of the Income Tax official portal.
Step 2: After that, under the ‘Quick Links’ tab you have to click on the ‘Link Aadhaar’ option.
Step 3: After that, you have to fill in the complete information such as PAN Number, Aadhaar number, Name as printed on Aadhaar card, and valid mobile number.
Step 4: Now,if the birth year is printed on the Aadhaar card, you have to tick the square box and if you are agree to get your Aadhaar details verified then tick the other box and then click on the ‘Link Aadhaar’ option.
Step 5: After filling in the Captcha code, you will get an OTP on your registered mobile number.
Step 6: After this, you have to hit the ‘Validate‘ tab.
Note: You should keep in mind that to PAN Aadhaar Link you have to pay Rs. 1,000 as fine.
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