Business

Aadhaar-PAN linking must from July 1: Govt

PTI

New Delhi: Individuals having PAN will have to link it to their existing 12-digit biometric Aadhaar number from July 1, a government notification said. Aadhaar number or Aadhaar enrolment ID will also have to mandatorily quoted while applying for permanent account number (PAN), which is a must for filing tax returns, opening of bank accounts and financial transactions beyond a threshold.

Finance Minister Arun Jaitley through an amendment to tax proposals in the Finance Bill for 2017-18 had made Aadhaar mandatory for filing income tax returns and provided for linking of PAN with Aadhaar to check tax evasion through use of multiple PAN cards.

The Supreme Court had earlier this month upheld the validity of an Income Tax Act provision making Aadhaar mandatory for allotment of PAN cards and ITR filing, but had put a partial stay on its implementation till a Constitution bench addressed the issue of right to privacy.

Following the Supreme Court ruling, the Revenue Department has notified amendments to the income tax rules dealing in PAN application, which will come into effect from July 1, 2017. 

Enjoyed reading The Bridge Chronicle?
Your support motivates us to do better. Follow us on Facebook, Instagram and Twitter to stay updated with the latest stories.
You can also read on the go with our Android and iOS mobile app.

Pune Weekend Guide: Ideas To Unleash Your Creativity and Beat Stress

Looking for Networking Opportunities in Pune? Here's Where to Find Them

How to Stay Safe from Heat Stroke as Pune Grapples with Rising Temperatures?

Pune at a Quadrangle fight this Lok Sabha Elections with Parties falling into segments.

Artie’s Festival Returned to Pune: Finest Chamber Music Artists Performed in City

SCROLL FOR NEXT