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| As per Section 139AA of the Income Tax Act 1961, every individual including Non-Resident Indians (holding PAN & Aadhaar number) is required to link their PAN with their Aadhaar by 30th June 2021.
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Here are some useful links for you:
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| In case your PAN is not linked with Aadhaar
by 30th June’21: |
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Your PAN will become inoperative |
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TDS deduction on interest earned at 20% / TCS (wherever applicable) |
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You may have difficulties in operating your Bank accounts |
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| If you are an Indian Resident and are a Forex Cardholder: |
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| TCS is applicable whenever the aggregate withdrawal of foreign exchange in a financial year exceeds Rs 7 lakhs under LRS. Below are the TCS rates: |
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| Purpose of Remittance |
Normal TCS Rate |
Higher TCS Rate (applicable in case PAN is not linked to Aadhaar) |
| Remittance towards pursuing Overseas Education with the source of funds as educational loan from specified Financial Institution |
0.50% |
5% |
| Other LRS Remittances |
5% |
10% |
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| If you are investing in Mutual Funds through HDFC Bank broker code (Offline/Online ISA/InvestTrack/InvestNow): |
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| There will be a deduction of higher tax on your dividends and possible restriction on your future Mutual Funds transactions. |
