As per section 139AA of the Income Tax Act 1961, it is mandatory for all Permanent Account Number (PAN) cardholders to link their Aadhaar with PAN.
If your Aadhaar is not linked then your PAN will be considered inoperative and thus will have an impact on TDS rate at the time of receiving any policy payouts.
If your Aadhaar and PAN are not linked TDS rate on your taxable payout* will be 20% as per Section 206AA of Income Tax Act, 1961 (Effective from July 1, 2021)
*Applicable on payouts made to Resident Indian policyholders
3 easy ways to link your Aadhaar with PAN
Tax Website
Visit www.incometaxindiaefiling.gov.in
and click on Link Aadhaar
SMS
Send UID PAN → SPACE → 12 digit Aadhaar →Space →10 digit PAN to 567678 or 56161
For example: UIDPAN 123456789123 AAAPA1234P
PAN Service Centre
Visit designated service center of PAN service providers like NSDL/ UTIITSL.
Kindly ensure that you link your Aadhaar & PAN to avoid higher TDS on future policy payouts.
Usually I never comment on blogs but your article is so convincing that I never stop myself to say something about it. You’re doing a great job Man, Keep it up.
ReplyDelete80c deduction list