New Delhi: If you have not linked your Aadhaar numbers to the PAN card yet, get it done immediately. Because the government has made this mandatory and this rule will be implemented from July 1. The government has also issued notification for changes in the income tax rules. Now aadhaar number is mandatory to get a new PAN number from July 1.
While revising the finance bill Finance Minister Arun Jaitley had made the aadhaar compulsory for those filing income tax returns for 2017-18. Apart from this, it was also mandatory to connect the pan with the aadhaar number, which would prevent fraud through the use of many PAN cards.
The Department of Revenue has said that every person, who has been provided PAN number from July 1, 2017, will have to give the information of the Aadhaar number to the Income Tax Department under the provisions of section 139AA sub-section-2 of Income Tax.
The Revenue Department, while amending Section 114 of the IT Act, said that this rule would be implemented from 1 July 2017. According to an estimate, about 2.07 crore taxpayers have linked the basis with the PAN. A total of 111 million people has aadhaar in the country, whereas only 25 crore people have PAN cards. Recently, the provisions of the IT Act were upheld by the High Court, although it was banned until the judgment was passed by the Constitution Bench of the High Court.
Now if you do not complete the work of linking your Aadhar and pan card by July 1, your pancard can be rejected. In such a situation, you can not file your income tax return in the current financial year, as the aadhaar and PAN card has been made mandatory for filling tax returns.
Significantly, there are more than 24.37 crores pancard in the country, and the aadhaar card of more than 113 crores has been made. Of these, only 2.87 crore people submitted tax returns during 2012-13. 2.87 crore people filed a tax return in these 1.62 crore people but did not pay a single rupee tax. That’s because a large number of individuals steal taxes or avoid tax.
So, to increase the tax collection in the country, the Income Tax Department has made aadhaar linking mandatory for filing returns. After this linking, it will be easy to stop fraud.