Time Extension For Pan Aadhaar Link In Houston
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FAQ
The IT department issued a circular that it is mandatory for all PAN-holders (except those who fall under the exempt category) to link their PAN-Aadhaar within 30th June 2023. Initially, the IT department mandated to link PAN-Aadhaar by 31st March 2022 and then extended it to 30th June 2022.
If PAN is not linked with Aadhaar by the deadline, the PAN card becomes inoperative. This means that: No refunds will be made against such PANs. TDS (Tax Deduction at Source) and TCS (Tax Collection at Source) will be deducted/collected at a higher rate.
PAN card will become inoperative from 01st July 2023 if PAN holders do not link it with their Aadhaar card. The IT department had further extended the deadline till 31st May 2024, failure to link before this deadline will result in deduction of TDS at higher rates.
Higher TDS Rates: When a non-resident fails to furnish a PAN, the payer is obligated to deduct TDS at a higher rate, typically 20% or the rate specified in the relevant DTAA, whichever is higher. This can significantly increase the tax liability for the non-resident, reducing the net amount received.
If a deductor has deducted TDS at a lower rate due to unawareness of the new PAN-Aadhaar linking rule, it is crucial to rectify the situation. The deductor should immediately comply with the requirement and start deducting TDS at the higher rate of 20% for deductees whose PAN is not linked with Aadhaar.
“If PAN and Aadhaar are not linked, incomes received by the taxpayer will suffer higher TDS at 20% instead of 10%,” he said. Failure to link PAN with Aadhaar could have a significant impact on income tax return (ITR) filings, with the deadline for filing ITR set for July 31, 2024.
194A. If they do not link their PAN with AADHAR TDS will be deducted @ 20%. Similarly, TCS will be collected at higher rate as per provisions of Section 206CC which is @ 5%.
Once the request for linking your Aadhaar with your PAN is submitted, it may take 7 days to 30 days to link your PAN with your Aadhaar and reactivation your PAN card.
Step 5: Choose the mode of document submission, enter your PAN, choose the PAN card mode and click on the “Submit” button. It usually takes around 15 days for PAN correction/update. You will receive a text message on your registered mobile number when your PAN card is dispatched via post.
Step 1: Login into the Income Tax e-filing portal. Step 2: Go to 'Dashboard' on the homepage and click the 'Link Aadhaar Status' option. Step 3: You can also go to 'My Profile' and click on the 'Link Aadhaar Status' option. When your Aadhaar is linked to your PAN card, the Aadhaar number will be displayed.
