Keeping PAN details updated is not just a formality—it's a necessity for compliance and smooth payroll processing.
Neglecting this can lead to unnecessary high tax deductions for employees, complicate their tax filing returns, and even disqualify them from certain tax rebates.
🚨 What's at Stake?
➡️Financial Impact: Employees face higher taxes and lose out on rebates.
➡️Operational Efficiency: Smooth financial transactions are hindered i.e. Form 16, filing Income Tax Returns (ITR), and claiming refunds.
Act now to avoid these pitfalls and ensure a seamless operation within your organization. Update your employees' PAN details on greytHR today!
For further guidance:
Learn about Section 206AA here.
Discover how to update employees' PAN details here.