According to reports, the Central Board of Direct Taxes has come up with a solution to this problem.
Mumbai : If biometric Aadhaar is not linked with PAN, TDS will be deducted at double the rate applicable under the Income Tax Act. Although the Income Tax Department has expressed hope about this, Income Tax authorities said if Aadhaar is linked with PAN by May, 2024 , then no short deduction will be taken.
According to reports, the Central Board of Direct Taxes has come up with a solution to this problem. Deductors/Collectors are not liable to levy additional tax in cases where the transaction has been made up to March 31, 2024, and where PAN has become operative on or before May 31, 2024, CBDT said.
The Central Board of Direct Taxes (CBDT) has released a notification stating that several complaints have arisen where taxpayers have reported receiving a notice indicating default for short deduction in TDS/TCS cases. This occurs when those who are supposed to have TDS deduction did not have a PAN-Aadhaar link at the time of the transaction. The additional TDS was not deducted from the recipients, but the taxpayers were asked to account for the additional rate during the tax process by the Income Tax Department. That was the complaint.
Mumbai : If biometric Aadhaar is not linked with PAN, TDS will be deducted at double the rate applicable under the Income Tax Act. Although the Income Tax Department has expressed hope about this, Income Tax authorities said if Aadhaar is linked with PAN by May, 2024 , then no short deduction will be taken.
According to reports, the Central Board of Direct Taxes has come up with a solution to this problem. Deductors/Collectors are not liable to levy additional tax in cases where the transaction has been made up to March 31, 2024, and where PAN has become operative on or before May 31, 2024, CBDT said.
The Central Board of Direct Taxes (CBDT) has released a notification stating that several complaints have arisen where taxpayers have reported receiving a notice indicating default for short deduction in TDS/TCS cases. This occurs when those who are supposed to have TDS deduction did not have a PAN-Aadhaar link at the time of the transaction. The additional TDS was not deducted from the recipients, but the taxpayers were asked to account for the additional rate during the tax process by the Income Tax Department. That was the complaint.
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