Time Extension For Pan Aadhaar Link In Travis
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Filing an Income Tax Return (ITR) will become challenging, as it must include your Aadhaar card number. If your PAN and Aadhaar are not linked, the income tax department will reject your ITR, preventing you from filing the ITR and receiving a tax refund.
Subsequently, the IT department extended the last date to link PAN-Aadhaar to 30th June 2023.
If the PAN-Aadhaar linking is not done within 30th June 2023, the PAN card will become inoperative from 1st July 2023. However, if they are not linked and your PAN card is inoperative, you can still link it with your Aadhaar after paying the penalty of Rs.1,000 and activate your PAN card.
It usually takes 6-7 business days to link your PAN with Aadhaar after the process is started. The Income Tax Portal verifies your details and once confirmed, the linking is completed. To check the status of your PAN-Aadhaar linking: Click on the button below, 'Check linking status'.
The deadline to link PAN with Aadhaar was 30th June 2023. However, you can still try and link your PAN with Aadhaar via the Income Tax website and by paying the prescribed penalty of Rs. 1,000.
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%.
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 the seller's PAN is unavailable or inoperative (not linked to Aadhaar), the TDS rate for the buyer shoots up to 20%.
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.
