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PM Modi Pays Tribute to NTR on Birth Anniversary

New Delhi: Prime Minister Narendra Modi on Tuesday paid tributes to former Andhra Pradesh chief minister and Telugu Desam Party founder N T Rama Rao on his birth anniversary, saying his contributions to film and politics continue to inspire generations.

In a post on X, Modi said, “Remembering the legendary NTR on his birth anniversary. He was a remarkable icon of Telugu cinema and a visionary leader. His contributions to film and politics continue to inspire generations.”

“From his unforgettable roles on screen to his transformative leadership, he is fondly remembered. We will keep working to fulfil his vision for our society,” the prime minister wrote.

A hugely popular actor, Rao founded the TDP in 1982 to counter the Congress and made it a formidable force in the state.

I-T dept asks taxpayers to link PAN with Aadhaar by May 31 to avoid higher TDS deduction

New Delhi, May 28: The income tax department on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate.

As per income tax rules, if a Permanent Account Number (PAN) is not linked with a biometric Aadhaar, TDS is required to be deducted at double the applicable rate.

Last month, the income tax department issued a circular stating that no action will be taken for a short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31.

“Please link your PAN with Aadhaar before May 31, 2024, if you haven’t already, in order to avoid tax deduction at a higher rate,” the department posted on X.

In a separate post, the I-T department asked reporting entities, including banks, and forex dealers, to file SFT by May 31 to avoid penalties.

“The deadline to file SFT (Statement of Specified Financial Transactions) is May 31, 2024. Avoid penalties by filing accurately and on time,” the department said.

The reporting entities that are required to file SFT returns with tax authorities include forex dealers, banks, sub-registrar, NBFC, post offices, issuers of bonds/debentures, mutual fund trustees, and companies paying dividends or buying back shares.

These specified institutions are required to furnish the details of certain financial transactions or any reportable account registered/recorded/maintained by them during the year.

Delay in filing of SFT returns may attract a penalty of up to Rs 1,000 for each day of default. Non-filing or filing inaccurate statements may also lead to a levy of a penalty.

Through SFT, the income tax department keeps track of high-value transactions undertaken by an individual.

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