If you're currently reading this, it's crucial that you take immediate action. It has come to our attention that a significant number of users are yet to link their PAN with their Aadhaar. The deadline for this has already surpassed, and we sincerely urge you to act promptly.
If you've already linked your PAN with your Aadhaar, great! Please help us update our records by filling out this form.
If you haven't linked your PAN with your Aadhaar yet, you need to do it now! “Why”, you ask?
Because if you don't, you'll have to pay a 20% TDS on all your applicable crypto orders on CoinSwitch, instead of the current 1%. That's a huge difference!
Why is this urgent? Failure to link your PAN with Aadhaar could lead to serious financial repercussions. According to the latest update from the Central Board of Direct Taxes (CBDT), non-linkage will result in a substantial increase in TDS – a staggering 20% on your applicable crypto orders on CoinSwitch, in contrast to the current 1%. This isn't something to be taken lightly, and we're here to help you prevent this unfavourable outcome.
The Consequences of Non-Linking: If you miss the linking deadline, the implications are severe:
- Your PAN will be rendered inoperative, causing potential disruptions in your financial transactions.
- Tax refunds will be put on hold by the Income Tax Department, causing unnecessary delays.
- The interest will not be payable on withheld tax refunds, resulting in direct financial losses.
- Tax deductions will be raised to a higher rate of 20% in accordance with Section 206AA.
We've outlined the steps for you to follow:
Visit the official PAN-Aadhaar linking portal of the Income Tax Department.
Enter your PAN and Aadhaar numbers
Click on Continue to Pay Through e-Pay Tax
Enter your PAN, confirm PAN, and any mobile number to receive OTP
Post OTP verification, you will be redirected to e-Pay Tax page
Click on Proceed on the Income Tax tile
Select the relevant Assessment Year and Type of Payment as Other Receipts (500) and click Continue
Applicable amount will be pre-filled. Click Continue.
Now, challan will be generated. On the next screen, you have to select the mode of payment. After selecting the mode of payment, you will be redirected to the Bank website where you can make the payment.
Post payment of fee, you can link your Aadhaar with PAN on the e-Filing Portal.
- Go to e-filing portal home page and click on Link Aadhaar under Quick Links
- Enter the PAN and Aadhaar and click Validate
- Enter the mandatory details as required and click on Link Aadhaar.
- Enter the 6-digit OTP received on mobile number mentioned in the previous step and click on Validate
- Request for link of Aadhaar has been submitted successfully, now you can check the Aadhaar-PAN link status
You can also watch this YouTube video to know the steps on how to link PAN with Aadhaar. This will hardly take 10–15 mins!
Help Us Keep Your TDS at 1%: We're committed to ensuring that your experience on our platform remains seamless and financially favourable. After linking your PAN and Aadhaar, please assist us in updating our records by filling out this form or share with us a snapshot of the challan/acknowledgement after linking your PAN with Aadhaar over chat support or by writing to us at firstname.lastname@example.org.
Act Now: Act Now: We cannot stress enough how vital it is for you to link your PAN with Aadhaar. Don't let this opportunity slip away; secure your financial future today. The process of linking your PAN with Aadhaar will only take about 10-15 mins.
We are here to support you every step of the way!