It’s official: Aadhaar-PAN linking is a must from July 1
Aadhaar a 12 digit no. which is allocated to every Indian citizen based on their biometric and demographic data.Under the Ministry of electronics and information technology, under the provision of the Aadhaar Act 2016.
PAN is an identification of every citizen in India especially for taxpayers allotted by Indian Income Tax Department. It is a ten-digit alphanumeric code.
Arun Jaitley, Finance Minister of India, through an amendment to tax proposals in the Finance bill for the year 2017-18, had made Aadhaar mandatory for the filing of ITR and provided for linking of PAN with Aadhaar to check the use of multiple PAN cards.There is twenty-five crore PAN Card Holders in India and Aadhaar has been issued to one hundred and eleven crore people.
Related Post: How to link Aadhaar with PAN
Revising income tax rules and announce the same, the government has made citing the Aadhaar is necessary at the time of application of PAN.
It is mandatory to link Aadhaar number with PAN with effect from July 1, 2017.
The Concerned division said “each individual who has been assigned PAN as on July 1, 2017, and who as per the arrangements of sub-section(2) of segment 139AA is required to insinuate his Aadhaar number, should imply his Aadhaar number to the principal director general of income tax(systems) of DGIT(Systems)”.
IT depended on vital DGIT(Systems) with indicating the organizations and models alongside methodology for a check of records documented with PAN application or hint of Aadhaar Number.
The Supreme Court maintained the legitimacy of an I-T Act arrangement making Aadhar required for allocation of PAN Card and Income Tax Return filing but had put a halfway remain on its execution till a constitution seat tended to the issue of the right to security.
So, there is a little time left to link your PAN With Aadhaar.If Aadhaar is not linked with PAN then your PAN will be invalid and you are facing problems in banking and financial transactions where PAN card to be necessary.