Aadhar Card to be made mandatory for ITR and PAN Card Applications
Posted on:22 Mar 2017 18:20:30
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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.
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