{"id":17568,"date":"2024-05-28T08:29:07","date_gmt":"2024-05-28T08:29:07","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=17568"},"modified":"2024-05-28T08:29:07","modified_gmt":"2024-05-28T08:29:07","slug":"i-t-dept-asks-taxpayers-to-link-pan-with-aadhaar-by-may-31-to-avoid-higher-tds-deduction","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/i-t-dept-asks-taxpayers-to-link-pan-with-aadhaar-by-may-31-to-avoid-higher-tds-deduction\/","title":{"rendered":"I-T Dept Asks Taxpayers To Link PAN With Aadhaar By May 31 To Avoid Higher TDS Deduction"},"content":{"rendered":"

NEW DELHI, May 28: The income tax department<\/a> on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate.
\nAs 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.
\nLast 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.
\n\u201cPlease link your PAN<\/a> with Aadhaar before May 31, 2024, if you haven\u2019t already, in order to avoid tax deduction at a higher rate,\u201d the department posted on X.
\nIn a separate post, the I-T department asked reporting entities, including banks, forex dealers, to file SFT by May 31 to avoid penalties.
\n\u201cThe deadline to file SFT (Statement of Specified Financial Transactions) is May 31, 2024. Avoid penalties by filing accurately and on time,\u201d the department said.
\nThe 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.
\nThese specified institutions are required to furnish the details of certain financial transactions or any reportable account registered\/recorded\/maintained by them during the year.
\nDelay 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.
\nThrough SFT, the income tax department keeps a track of high value transactions undertaken by an individual<\/p>\n

 <\/p>\n

\"I-T
I-T Dept Asks Taxpayers To Link PAN With Aadhaar By May 31 To Avoid Higher TDS Deduction<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

NEW DELHI, May 28: The income tax department on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate. 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 […]<\/p>\n","protected":false},"author":2,"featured_media":17569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[67,89],"tags":[],"class_list":["post-17568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-header","category-national"],"gutentor_comment":0,"yoast_head":"\nI-T Dept Asks Taxpayers To Link PAN With Aadhaar By May 31<\/title>\n<meta name=\"description\" content=\"The income tax department on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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