Finance Minister Nirmala Sitharaman proposed three major rules with regard to Aadhaar card and Permanent Account Number (PAN) card. Citizens have been encouraged to opt for their own Aadhaar card, as the biometric is a vital identity proof to get various services. Even for application of a PAN card, one must have an Aadhaar card! Also, September 2019 date is set as last day to link Aadhaar card with PAN. If you are a taxpayer, then you must know these three new proposed rules in regards to Aadhaar card and PAN card laid out by FM Sitharaman.
Interchangeability of PAN and Aadhaar: It is proposed to provide interchangeability of PAN and Aadhaar to enable a person who does not have PAN but has Aadhaar to use Aadhaar in place of PAN under the Act. The Income Tax Department shall allot PAN to such person on the basis of Aadhaar after obtaining demographic data from the Unique Identification Authority of India (UIDAI). It is also proposed to provide that a person who has already linked his Aadhaar with his PAN may at his option use Aadhaar in place of PAN under the Act.
On interchangeability, Bhavin Turakhia, co-founder & CEO, Zeta said, “The Government of India has made a much-needed move for working professionals by bringing in ease and convenience by proposing to make PAN and Aadhaar interchangeable along with making them available with pre-filled tax returns which aims to reduce the time taken to file a tax return as well as enable accurate reporting of income and taxes. The digital push also reflects in the tax filing process as with the launch of a scheme of faceless assessment in electronic mode involving no human interface. The government has introduced several measures that are in line with the ‘Digital India’ vision and we welcome the same.”….Read more>>