Linking PAN & Aadhaar is essential. You will now profit if you link your PAN & Aadhaar. Regarding TDS (TCS) deduction, the Income Tax Department has greatly relieved company owners and taxpayers. According to the Income Tax Department, taxpayers and business owners will not face any consequences for a lower TDS deduction provided Aadhaar is connected to a PAN card by May 31, 2024.
What is the rule
TDS would be deducted at twice the rate if the PAN card is not linked to the Aadhaar number, per Income Tax Department regulations. However, the Central Board of Direct Taxes has stated that it will grant relief to taxpayers who are not linked with the Aadhaar number by May 31. Till then you get your PAN linked to Aadhaar number by May 31. Till then you get your PAN linked to Aadhaar.
According to the Income Tax Department,
taxpayers will face no consequences for a lower TDS deduction provided they link their before May 31. TDS will be imposed at twice the applicable rate if PAN is not connected to the biometric Aadhaar system, per the regulations. In a circular, CBDT stated that it has been notified by several taxpayers that they have received notices regarding this matter.
According to the notice,
he failed to make a small deduction or collect TDS or TCS when doing these transactions in situations where his PAN was not working. In these situations, the department has requested tax on processing the TDS/TCS statement because deduction or collection has not been performed at the higher rate. To resolve these disputes, CBDT has declared that if it is activated on or before May 31, 2024, then in such cases, taxpayers will not have to pay tax at the higher rate.
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