Indian Income Tax Department exempts tax deductors from action for short TDS deductions if assessees link PAN with Aadhaar by May 31.
The Indian Income Tax Department announced that tax deductors will not face action for short deductions of TDS (Tax Deducted at Source) if the assessee links their PAN with Aadhaar by May 31. As per current income tax rules, TDS must be deducted at double the applicable rate if a PAN is not linked with biometric Aadhaar. The relief comes after several complaints from taxpayers who received notices for short-deduction/collection of TDS/TCS (Tax Collected at Source) while conducting transactions with inoperative PANs.
April 24, 2024
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