Indian government has made Aadhaar mandatory for filing income tax returns (I-T Returns) from
the July, 1st next financial year including a must document for obtaining new PAN (Permanent Account Number).
Government has made amendments in finance bill
for these purposes
.
.
Aadhaar, which is the unique number
issued by the Unique Identification
Authority of India (UIDAI) is now a must document for
filing of income-tax returns. This is made mandatory for tracking the Tax
envision mainly and obtaining the PAN Card. This will be very helpful in
tightening law against tax evaders and drive against black money.
Government has made it clear
that from 1 July, each taxpayer will have to quote Aadhaar while filing
income-tax returns and applying for a PAN. They have also made it clear that
existing PAN holders will have to disclose their Aadhaar numbers to the IT
authority. If any individual doesn’t intimate the Aadhaar number, the PAN
allotted to the person shall be deemed invalid.
Due to linking of Aadhaar with
PAN will flush out tax evaders who have multiple PAN. All the taxpayers who do not have an Aadhaar number are required
to apply for Aadhaar and quote their Aadhaar enrollment number. The finance bill is expected to pass by last week of
march.
Government has done a lot of
work to curb the black money menace including Demonetization drive, Anti black money law, benami
Act and now Aadhaar for PAN and IT returns.
Government already made Aadhaar
mandatory for availing of government subsidies through the Aadhaar (targeted
delivery of financial and other subsidies, benefits and services) Act, 2016.
This is mandatory even when there is no direct outflow from the government
exchequer.
Government also proposed cash
transactions above Rs2 lakh illegal.The penalty for a violation would be a fine
equivalent to the value of the transaction.
