Back
Home » Insync
  •  
    Filmi Bollywood
    • Salman Khan REVEALS Why He Is Still Friends With His Ex-girlfriends!
    • #NotMyDeepika Trends Urging Deepika Padukone To Not Work With MeToo Accused Luv Ranjan
    • Madhur Bhandarkar’s Indu Sarkar To Be Included In The National Film Archives: Read Details
    • Former Delhi CM Sheila Dixit Passes Away; Akshay Kumar, Bhumi Pednekar & Others Offer Condolences
    • Malaika Arora Has Loved Dancing In Item Songs, But Is Now Accepting The Dwindling Trend
    • Ranveer Singh To Get His Very Own Star On The Dubai Walk Of Fame? Read Details!
    • One Year Of Dhadak: Janhvi Kapoor, Ishaan Khatter Celebrate With BTS Throwback Pictures!
    • Priyanka Chopra Jonas Is NOT Assam's Tourism Brand Ambassador Anymore
    • Watch! Hrithik Roshan Practising Bhojpuri Accent For Super 30 Is Hilarious
    • TBT Pic: Ranveer Singh & Ranbir Kapoor Seen Chilling Together On Tamasha Sets Without Deepika!
    • Disha Patani REVEALS Her First Reaction When She Heard Malang's Script!
    • Leaving Salman Khan Behind, Shahid Kapoor Reacts To Uri & Kabir Singh Being The Most Liked Films
    • The Lion King Box Office Day 1 Collection
    • Katrina Kaif Treats Us To Yet Another Stunning Vacation PIC From Mexico!
    • These Inside Photos From Priyanka Chopra's 37th Birthday Celebrations Are Just Not To Be Missed!
    • Hollywood Action Choreographers Roped In For Hrithik Roshan & Tiger Shroff Starrer War
    • The Lion King Full Movie Leaked Online On Tamilrockers To Download In HD Print!
    • Nick Jonas Writes Mushy Birthday Post For Priyanka Chopra; Calls Her 'Whole Heart'
    • Sameera Reddy's Moving Post After Going Through C-Section: The Stitches Hurt Like Mad
    • Taimur Ali Khan Reunites With Cousin Inaaya Naumi Kemmu In London & It's Too Cute To Handle!
Here's How Aadhar Can Outpower PAN Post The New Budget
Boldsky | 8th Jul, 2019 12:14 PM

The popular and all-inclusive identification of the common people in India, Aadhaar card, is now more powerful post the new budget. Finance Minister Nirmala Sitharaman has argued in favour of making Aadhaar and PAN (Permanent Account Number) interchangeable. According to a top Government official, Indian citizens can use the national biometric ID for cash transactions of more than Rs 50,000 instead of PAN card. This includes deposit or withdrawal of cash worth or more than Rs 50,000 form bank accounts as well. They can also make use of Aadhaar card for other purposes where generally income tax PAN would be considered as a must so far. Banks and other institutions are working on the back-end upgrade to ease up the acceptance of Aadhaar in places of PAN.

Nonetheless, you need to quote your valid PAN while making cash transactions for hotel or foreign travel bills. To combat the potential risk of black money transactions, the ministry has also planned to make the use of PAN card mandatory on purchase of immovable properties of over Rs 10 lakh.

This new proposal will also benefit the targeted taxpayers who do not yet own a PAN card, but have Aadhaar card instead. It will simply ensure that the commoners would not have to face difficulties while filing income tax returns. But will this step phase out the value of PAN card over time? Revenue Secretary Ajay Bhushan Pandey said in answer that people would have a choice to opt for either PAN or Aadhaar whichever necessary. This will not curb the importance of PAN. "Because there are some people who are comfortable on PAN," he said, "But at the back end, for every PAN there will be an Aadhaar."

Following a Supreme Court order, quoting Aadhaar is mandatory for filing income tax returns (ITRs). Though 41 crore issued PAN cards exist currently, only 22 crore of those have been linked to Aadhaar.

Section 139 AA (2) of the Income Tax Act says that every person who owns a PAN (Permanent Account Number) as on July 1, 2017, and is eligible to obtain Aadhaar, must quote his Aadhaar number to the tax authorities.

The apex court, in September last year, declared that the biometric ID would remain mandatory for filing of I-T returns and allotment of PAN. However, according to the five-judge constitution bench, it would not be compulsory to link Aadhaar to bank accounts. Neither can telecom service providers ask for its mandatory linking while issuing new mobile connections.

   
 
Health and Life
  • Exclusive: Doctor Shares How Parents Can Reduce Screen Time For Kids to Counter Myopia Risk
  • Did You Know That Exposure To Pesticides Can Lead To Depression?
  • Top 15 Health Benefits of Quail Eggs
    • Shravan Month 2019: What Foods To Eat And What Foods To Avoid
    • Cysts: Causes, Types, Symptoms & Treatment
    • Black Eye: Causes, Symptoms, Diagnosis & Treatment
      • What Is Horned Melon? Its Benefits, Side Effects And Recipe
      • What Are Navy Beans? Their Benefits, Side Effects And Recipe
      • Kunal Khemu's Fitness And Diet Tips
        • Diet For Jaundice: Foods To Eat And Foods To Avoid
        • Multiple Sclerosis: Causes, Symptoms, Diagnosis And Treatment
        • 7 Nutritious Foods That Help Promote Beard Growth
          • Epidermodysplasia Verruciformis (EV): Causes, Symptoms, Diagnosis And Treatment
          • 20 Healthy Snacks To Curb Hunger
          • Sustainable Menstruation Through Menstrual Cup: Keeping You & The Earth Clean
            • What Is Solomon's Seal? Its Benefits, Side Effects And Recipes
            • 8 Amazing Health Benefits Of Rose Hip
            • Anand Kumar Of Super 30 Reveals He Has Acoustic Neuroma - All You Need To Know About This Condition
              • 6 Amazing Benefits Of Ice Cubes For Your Health
              • 7 Fascinating Health Benefits Of Chicory You Must Know!
              • Empty Nose Syndrome: Causes, Symptoms, Diagnosis & Treatment