Get this work done early, otherwise more TDS will be deducted from next month

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You should get this one thing done as soon as possible. Otherwise, from next month there will be problem in banking services including debit-credit card payment, UPI payment and TDS will also have to be paid more.

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Under Income Tax rules, it is mandatory for everyone to link their PAN card with Aadhaar. For this, the Income Tax Department has set a deadline of 30 June 2021. What happens if you don't?

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If you do not link PAN card with Aadhaar by 30 June 2021, then your PAN card will become invalid under Rule 114AAA(3) of Income Tax Rules, 1962. Due to this you will face many problems.

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If your PAN card given for TDS deduction under section 206AA(6) of the Income Tax Act 1961 is not valid or operative, then the person is deemed to have not submitted the PAN details with the TDS deductor and then in this situation The provisions of section 206AA(6) are applicable and in this case your TDS is deducted at 20%.

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However, the 20% rate of TDS is applicable only on interest or dividend income on fixed deposits. Or for those things where the rule of TDS is applicable, where it is not so, then this rule will not be applicable.

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According to the Income Tax Act, it is the responsibility of the taxpayer to pay the tax. In such a situation, after linking Aadhaar and PAN, you will have to inform the bank, post office for interest income, companies for dividend, mutual fund companies etc. so that not much TDS is deducted.

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It is mandatory to link PAN and Aadhaar. This will keep your banking transactions smooth. Not much TDS will be deducted, trading on demat account will also be done in the normal way.

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You can link your Aadhaar and PAN card by visiting the new site of Income Tax Department. For this, you just have to click on the link given for this on the site and follow the instructions given there.
(All Photos : Getty/File)