The circular modifies the consequences of a PAN becoming ...

Consequences of PAN inoperative u/r 114AAA. Failure to link Aadhaar leads to higher tax deduction/collection. Partial relief if linked before 31.5.2024

Circulars Income Tax

May 22, 2024

The circular modifies the consequences of a PAN becoming inoperative u/r 114AAA of the Income-tax Rules, 1962. Failure to provide Aadhaar number u/s (section) of the Act will result in the PAN becoming inoperative. Consequences include higher tax deduction and collection rates until the PAN becomes operative again. - For the transactions entered into upto 31.03.2024 and in cases where the PAN becomes operative (as a result of linkage with Aadhaar) on or before 31.05.2024, there shall be no liability on the deductor/collector to deduct/collect the tax at higher rate.

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The circular modifies the consequences of a PAN becoming ...

Consequences of PAN inoperative u/r 114AAA. Failure to link Aadhaar leads to higher tax deduction/collection. Partial relief if linked before 31.5.2024

Circulars Income Tax

May 22, 2024

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