Aadhar Card to be made mandatory for ITR and PAN Card Applications

Posted on:22 Mar 2017 18:20:30
Aadhar Card to be made mandatory for ITR and PAN Card Applications
22 March 2017 Current Affairs: The Union Government on 21 March 2017 proposed to make the Aadhaar card mandatory to file Income Tax Return (ITR) and for applying Permanent Account Number (PAN) with effect from 1 July 2017.

With this, Aadhaar enrolment number while filing ITR could also be accepted. However, failing to declare Aadhaar may lead to PAN being deemed invalid.

PAN cards will also be linked with the 12-digit unique identification number or the Aadhar number before the 1 July 2017 deadline.

The amendment also proposes to lower the limit on cash transaction from Rs 3 lakh to Rs 2 lakh. The limit on cash transactions is in keeping with recommendations of the Special Investigation Team (SIT) on black money.

The proposal was made through an amendment to the Finance Bill, 2017. The Union Government introduced as many as 40 amendments to the Finance Bill in an 'unprecedented move'. 

Until now, Aadhaar was mostly used for subsidy transfers. The Union Government also claimed that the subsidy transfers linked to Aadhaar has led the exchequer to save Rs 49000 crore during the last two-and-half years.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs December 2017

15 DECEMBER
NEWS
14 DECEMBER
NEWS
13 DECEMBER
NEWS
12 DECEMBER
NEWS

Current Affairs November 2017

30 NOVEMBER
NEWS
29 NOVEMBER
NEWS
28 NOVEMBER
NEWS
27 NOVEMBER
NEWS

Current Affairs October 2017

31 OCTOBER
NEWS
30 OCTOBER
NEWS
29 OCTOBER
NEWS
28 OCTOBER
NEWS