Tax collection at source (TCS) or deduction at source (TDS) rates were higher for individuals whose PAN was lost due to non-linking. For example, the housing allowance TDS increased to 20% for individuals without active PANs.
PAN, Aadhaar Card not linked? The income tax department has provided relief to those dealing with taxpayers who failed to link their PAN and Aadhaar by the June 30, 2023 deadline. The department has relaxed the deadline for imposing penalties on such cases.
Individuals whose PAN became inoperative due to non-linkage faced higher tax deduction at source (TDS) or tax collection at source rates.
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The Indian government has extended the deadline for integrating Aadhaar and PAN (Permanent Account Number) to June 30, 2024. Those who haven’t connected their PAN to Aadhaar yet are eligible for this extension. The PAN can stop working if the connectivity is not finished before the deadline.
Furthermore, the 15th of July, 2024, has been added to the deadline for deductors to provide Form 16, a certificate for tax deducted at source (TDS). With this extension, deductors will have additional time to meet the TDS standards.
In order to avoid penalties and guarantee compliance with tax legislation, it is crucial for people and deductors to finish these procedures within the extended deadlines.
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