Aadhaar-PAN linking mandatory from July 1, what you need to know
Jun 28 2017 by Johnny Bowman
It is must to link Aadhaar number with the Permanent Account Number (PAN) of taxpayers with effect from July 1. This means you will have to link your 12-digit Aadhaar number with PAN card in order to file tax returns. Through an amendment to tax proposals in the Finance Bill for 2017-18, Finance Minister Mr. Arun Jaitley for filing of income tax returns, has made Aadhaar mandatory and to check the tax evasion through use of multiple PAN cards, provided linking of PAN with Aadhaar.
The department, till now, has linked over 1.18 Aadhaar with its PAN database.While Aadhaar is issued by the UIDAI to a resident of India, PAN is a ten-digit alphanumeric number issued in the form of a laminated card by the IT department to any person, firm or entity.
Should you not link you Aadhar number to your PAN, your PAN card will cease to be valid.
The Revenue Department in India says that "Every person who has allotted PAN as July 1st, 2017".
By the request of Central, some of the new rules are made and changed to improve the income tax.
No concession on railway tickets: To plug misuse and leakages, Indian Railways have made it mandatory to quote Aadhaar from July 1 to avail concessions on railway tickets.
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Spending growth was 1.8 pct in 2015 and 3.3 percent past year , although it was unclear how near that takes members to the target. Romania says it will meet the 2 percent of GDP guideline this year, while Latvia and Lithuania plan to in 2018.
This new rules will be opened to the public from July 1, Saturday.
The court had on May 4 reserved the verdict on a batch of petitions challenging section 139AA of the I-T Act, which was introduced through the latest budget and the Finance Act, 2017.
The Centre had earlier said that the programme of PAN had become suspect as it could be faked, while Aadhaar was a "secure and robust" system by which the identity of an individual could not be faked.
The Supreme Court had observed that it was yet to be "tested" whether Aadhaar violated protection of life and personal liberty granted under Article 21 of the Constitution, which was pending hearing for an authoritative pronouncement by a five-judge Constitution Bench.
However, those who do not have Aadhaar and who do not wish to obtain it for the time being, their PAN will not be cancelled, said a press release from the (CBDT). According to EPFO, Aadhaar linking is expected to make the withdrawal and settlement process time much shorter, from existing 20 days to 10 days.