Income Tax Department: The Income Tax Department has said that taxpayers should link their PAN card and Aadhaar by 31st May. If you don’t do this, you may have to pay more taxes. According to the rules of the Income Tax Department, if your PAN is not linked with Aadhaar, the TDS deduction rate will be doubled.
How much tax will be deducted?
According to the rules of the Income Tax Department, if your Permanent Account Number (PAN) is not linked with Aadhar card, then the Tax Deducted at Source (TDS) will be deducted at double the applicable rate.
The department issued a circular last month saying that people who have had less tax deducted from their accounts, if they link their PAN and Aadhar by May 31, they will not have to pay more tax. Also, no action will be taken against them.
The Income Tax Department has posted on social media platform X, reminding people to link their PAN card with Aadhar before May 31st to avoid extra tax deductions.
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Warning for banks, forex dealers too
In another post, the I-T department has told banks and foreign exchange dealers to submit their Statement of Financial Transactions (SFT) before 31st May. If they don’t, they may be fined. Through SFT, the income tax department keeps an eye on a person’s large financial transactions.
Some organizations, such as foreign currency dealers, banks, mutual fund trustees, and companies that pay dividends or buy back shares, are required to submit SFTR returns to tax authorities.
If you are late in filing your income tax return, you may have to pay a penalty of up to 1,000 rupees per day. You may also face an additional penalty if you do not file or provide incorrect information in your return.
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