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Latest statistics from the Income Tax department unveil a significant milestone for Indias taxation landscape. As of March 31, 2024, an astounding revelation emerged: nearly half of Indias population now possesses a Permanent Account Number (PAN), totalling a staggering 74.67 crore allocations. H
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FAQ :
As of March 31, 2024, a total of 74.67 crore PAN allocations have been made, meaning nearly half of India's population holds a PAN.
Yes, the data shows a narrowing gender gap, with 42.10 crore males and 31.05 crore females holding PAN cards, indicating a trend towards parity.
Over 14 crore PANs are at risk of becoming inoperative because they have not been linked with Aadhaar.
Linking PAN with Aadhaar is mandatory to prevent PANs from becoming inoperative, curb duplicate PANs, and enhance data integrity.
Yes, the Central Board of Direct Taxes has assured that TDS or TCS will not be deducted at a higher rate until May 31, 2024, for operative PANs linked by that date.
While specific deadlines for deactivation are not explicitly stated as having passed for all, the article stresses the imperative of linking Aadhaar with PAN before the stipulated deadlines to ensure compliance with Section 139AA of the Income Tax Act.
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