Taxpayers who fail to meet this deadline may face financial consequences, as they will be subject to higher tax deductions and collections as per Sections 206AA and 206CC of the Income Tax Act, 1961.
Taxpayers must link PAN with Aadhaar by May 31, 2024 to avoid higher tax deductions under Sections 206AA and 206CC of the Income Tax Act, 1961. Reminder issued by the Income Tax Department to enforce compliance and streamline tax administration.
According to the RTI response to activist Chandra Shekhar Gaur from Madhya Pradesh, out of the 70.24 crore PAN card holders in India, 57.25 crore successfully linked their PAN cards with Aadhaar.