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<\/div>\nIf a PAN is not linked with biometric Aadhaar, TDS is required to be deducted at double the rate.<\/p>\n<\/div>\n
New Delhi: <\/b><\/p>\n
The income tax department today asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate.<\/p>\n
As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate.<\/p>\n
Last month, the income tax department issued a circular stating that no action will be taken for short deduction of TDS in case the assessee links his\/her PAN with Aadhaar by May 31.<\/p>\n
“Please link your PAN with Aadhaar before May 31, 2024, if you haven’t already, in order to avoid tax deduction at a higher rate,” the department posted on X.<\/p>\n
In a separate post, the I-T department asked reporting entities, including banks, forex dealers, to file SFT by May 31 to avoid penalties.<\/p>\n
“The deadline to file SFT (Statement of Specified Financial Transactions) is May 31, 2024. Avoid penalties by filing accurately and on time,” the department said.<\/p>\n
The reporting entities which are required to file SFT returns with tax authorities include forex dealers, banks, sub-registrar, NBFC, post offices, issuer of bonds\/debentures, mutual fund trustees, company paying dividend or buying back shares.<\/p>\n
These specified institutions are required to furnish the details of certain financial transactions or any reportable account registered\/recorded\/maintained by them during the year.<\/p>\n
Delay in filing of SFT returns may attract a penalty of up to Rs 1,000 for each day of default. Non-filing or filing inaccurate statement may also lead to levy of penalty.<\/p>\n
Through SFT, the income tax department keeps a track of high value transactions undertaken by an individual.
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(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n<\/div>\n