Jaipur : ITR Filing: PAN-Aadhaar not linked? You may get notice of higher tax demand ITR Filing 2024: In response to a question in the Lok Sabha, Union Minister of State for Finance Pankaj Chaudhary has told about sending notices of higher tax demand to taxpayers. He has said that such taxpayers whose PAN is inoperative are being sent notices of higher tax demand. CBDT had issued a circular on March 28, 2023. It said that if PAN is inoperative, tax will be deducted at the rate of 20 percent. If the taxpayer’s PAN is not linked to Aadhaar, then he may get notice of higher tax demand from the Income Tax Department. If PAN is inoperative, the Income Tax Department is sending notice of tax demand under section 206AA and CBDT’s circulars dated March 28, 2023 and April 23, 2024. In this regard, Union Minister of State for Finance Pankaj Choudhary has given important information in response to a question in the Lok Sabha.
Notice of higher tax if PAN is inoperative
He said that those taxpayers whose PAN is inoperative are being sent notices of higher tax demand. In such cases where the salary is not more than the exemption limit, notices of tax demand are not being sent. According to the income tax rules, in the old regime, income up to Rs 2.5 lakh per annum is exempt from tax. In the new regime, income up to Rs 3 lakh per annum is exempt from tax.
CBDT had issued a circular on higher TDS rates
The CBDT had issued a circular on March 28, 2023. It said that tax will be deducted at the rate of 20 per cent if the PAN is inoperative. If the PAN is not linked to Aadhaar, it becomes inoperative. The last date for linking PAN with Aadhaar was June 30, 2023. A tax expert said that a higher rate of TDS is being applied if the PAN becomes inoperative after June 2023.
Last date for filing returns is 31st July
The last date for filing income tax returns is 31st July. If you file your returns after this date, you will have to pay a penalty. Also, you will have to pay interest on the tax. Therefore, tax experts are advising taxpayers to file their returns before the deadline. They say that if you do not file your returns by the deadline, those taxpayers whose refund is due will suffer the most. Their refund money will get stuck.
More than 5 crore returns have been filed so far
The Income Tax Department posted a post on the social media platform X on July 26. It said that more than 5 crore taxpayers have filed their returns till July 26. It is expected that more returns will be filed this year than last year. Last year 6.88 crore returns were filed. If you have not filed your return, then file it soon.
