The Central Board of Direct Taxes (CBDT) has clarified that tax deductors will not be treated as defaulters for failures in deduction of tax at a higher rate on transactions between July 1, 2023, and March 31, 2024, if the Permanent Account Number (PAN) becomes inoperative due to non-linkage with Aadhaar. This relief will be exempt from penalties, providing relief to businesses facing tax notices for shortfalls in deduction.
The Central Board of Direct Taxes has extended the last date for linking the Permanent Account Number (PAN) with Aadhaar by 30 June 2023. The Pension Fund Regulatory and Development Authority has also said that if PAN and Aadhaar are not linked by the deadline, then transactions in one s NPS account will be restricted. aaa