Over the past year, close to 16,500 homebuyers across the country received a rude shock in the form of notices asking them to cough up additional tax deducted at source on properties they had purchased. The tax department notices said they had deducted less tax despite the sellers’ PANs being inoperative.
India Business News: Should you go for the old income tax regime that offers several deductions and exemptions, but has higher tax rates at lower income levels or the new
As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate