Income Tax News: In order to receive the benefits of CBDT Circular No. 6/2024, which was issued on April 23, 2024, taxpayers must link their Permanent Account Number (PAN) to Aadhaar by May 31st, 2024. This connectivity is required by the Central Board of Direct Taxes (CBDT) in order to expedite tax filing and prevent penalties. Here’s how to connect your PAN to Aadhaar:
Why Link PAN with Aadhaar?
- making tax filings simpler.
- avoiding fines for failing to comply.
- lowering the possibility of fraudulent activity.
- ensuring precise record-keeping and tax assessment
Steps to Link PAN with Aadhaar
Online through Income Tax e-filing Portal
- Go to the Income Tax Electronic File Portal.
- In the Quick Links area, select ‘Link Aadhaar’.
- Enter your name as it appears on Aadhaar, PAN, and Aadhaar number.
- After checking the information, select ‘Link Aadhaar’.
- Your PAN-Aadhaar linkage will be successful if your details match.
SMS Method
- You can text UIDPAN<12-digit Aadhaar><10-digit PAN> to 567678 or 56161.
- UIDPAN 123456789012 ABCDE1234F is an example.
Through Aadhaar Seva Kendra
- Aadhaar Seva Kendra nearby you can be visited.
- Complete the necessary form in order to connect PAN to Aadhaar.
- If required, provide biometric authentication.
Penalties for Non-Compliance
- Increased rates of TDS (Tax Deducted at Source).
- PAN going down, which would make financial transactions more difficult.
Important Dates
- The deadline for linking is May 31, 2024.
- Penalty Application: Post-deadline for non-compliance.
It is recommended that taxpayers finish this process as soon as possible in order to maintain financial and tax-related operations. Visit the Income Tax Department’s website to view the official CBDT notices and updates for further information.