PAN, Aadhaar Card not linked? The revenue tax division has offered aid to these coping with taxpayers who did not hyperlink their PAN and Aadhaar by the June 30, 2023 deadline. The division has relaxed the deadline for imposing penalties on such circumstances.
Individuals whose PAN grew to become inoperative on account of non-linkage confronted larger tax deduction at supply (TDS) or tax assortment at supply charges.For instance, the TDS on home lease allowance or HRA for people with inoperative PANs elevated to twenty%.
Many deductors or collectors had been unaware of the inoperative standing of PANs and continued to deduct or gather tax on the decrease price, leading to penalties from the revenue tax division.
According to a TOI report, following quite a few petitions from affected events, the federal government has now relaxed the rule. Deductors or collectors are actually exempt from any legal responsibility for transactions that occurred as much as final March, offered the PAN turns into inoperative earlier than the top of May.
Kuldip Kumar, companion at Mainstay Tax Advisors, was quoted as saying, “This is a big relief to several of those who were required to withhold or collect tax at a higher rate… It is in the interest of the taxpayers to promptly link their PAN with Aadhaar (if not done so far), as they will not get any refund due to them and also continue to lose interest on their tax refunds until such linkage happens.”
Individuals whose PAN grew to become inoperative on account of non-linkage confronted larger tax deduction at supply (TDS) or tax assortment at supply charges.For instance, the TDS on home lease allowance or HRA for people with inoperative PANs elevated to twenty%.
Many deductors or collectors had been unaware of the inoperative standing of PANs and continued to deduct or gather tax on the decrease price, leading to penalties from the revenue tax division.
According to a TOI report, following quite a few petitions from affected events, the federal government has now relaxed the rule. Deductors or collectors are actually exempt from any legal responsibility for transactions that occurred as much as final March, offered the PAN turns into inoperative earlier than the top of May.
Kuldip Kumar, companion at Mainstay Tax Advisors, was quoted as saying, “This is a big relief to several of those who were required to withhold or collect tax at a higher rate… It is in the interest of the taxpayers to promptly link their PAN with Aadhaar (if not done so far), as they will not get any refund due to them and also continue to lose interest on their tax refunds until such linkage happens.”
