Deadline to link PAN with Aadhaar extended to June 30
New Delhi, Mar 24: The government on Tuesday extended the deadline to link the Permanent Account Number (PAN) with Aadhaar from March 31 to June 2020.
"The deadline to link Aadhaar to PAN card has also been extended to June 30, 2020," finance minister Nirmala Sitharaman said while addressing media on government measures to contain spread of coronavirus.
Sitharaman said the government is "very close to announcing economic package to deal with the coronavirus pandemic".
As per the circular issued by the CBDT, employees have to quote PAN and Aadhaar details compulsorily as per the Section 206-AA of the Income Tax Act.
"Section 206AA in the Act makes furnishing of PAN or Aadhaar number, as the case may be, by the employee compulsory in case of receipt of any sum or income of amount, on which tax is deductible," the circular reads.
In case an employee fails to provide the required details, the employer is responsible to make deductions either at the tax rate on the employee's salary or 20 per cent or above.
If your income is below Rs 2.5 lakh per annum, no tax will be deducted. After several deductions, if the salary attracts approx 20 per cent tax, the TDS rate of 20 per cent will apply.