According to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, "shall be deemed" to have applied for allotment of PAN and they will not be required to apply or submit any more documents.
Budget 2019 came up with several tax-related amendments and new rules that came into effect on from September 2019. One needs to be aware of these new changes in the rules as it will impact every taxpayer. From tax on cash withdrawals to PAN-Aadhaar interchangeability, many monumental changes were proposed in the Budget 2019.
July 31 is the last day for filing income tax return. You can file ITR online through income tax's e-filing ITR website. This year, the government has introduced many changes in ITR form. It is important to know the changes before filing ITR to avoid any unwanted penalty later on.
Nearly 20 crore Permanent Account Number (PAN) cards will be declared invalid after August 31, 2019, if they are not linked with the holder’s Aadhaar number.
The income tax department is working on a processing centre for the allotment of e-PAN on a real-time basis, Parliament was informed on Monday.
Soon, Aadhaar card can be used to file Income Tax Return. Government of India has proposed Aadhaar-PAN interchangeability to make ITR filing easy and convenient for the general public. Nirmala Sitharaman announced the same in her debut union budget presented Friday.
In case the name provided on your Aadhaar is different than that on your PAN card, you will not be able to complete the linking process.
The apex court on September 26 last year had declared the Centre's flagship Aadhaar scheme as constitutionally valid but struck down some of its provisions including its linking with bank accounts, mobile phones and school admissions.
Using the PAN of an entity, the Income Tax Department can find out its financial history and check whether it has paid all due taxes on time or not. It is one of the biggest and the most effective weapons of the ITD against tax evaders.
The notification has also made it mandatory for entities that have made financial transactions worth Rs 2.5 lakh or more in a financial year to apply for a PAN card.
The notification has also made it mandatory for entities that have made financial transactions worth Rs 2.5 lakh or more in a financial year to apply for a PAN card.
CBDT, which frames policy for the department, issued a notification on Monday that provides a new tick box for the transgenders to apply for the PAN.
Minister of State for Home Kiren Rijiju said there have been no specific reports that some people were providing illegal accommodation to Rohingyas.
The Supreme Court also ruled new bank accounts can be opened without Aadhaar but applicant needs to submit proof that he has applied for the card.
The apex court is hearing the pleas of petitioners pressing for an extension of interim relief on the mandatory linking of Aadhaar to various schemes, including bank accounts and mobile numbers.
How to book a Jio phone was the second most asked question in India, while year-end craze 'bitcoins' made it to the third spot.
The notification by the Department of Revenue in the finance ministry effectively paves the way for extending the deadline for mandatory quoting of Aadhaar for activities like the opening of a bank account.
The Central Board of Direct Taxes (CBDT), the policy-making body for the Income Tax Department, last week extended the deadline for this linkage to March 31 next year.
This is the third time that the Centre has deferred the deadline for Aadhaar-PAN linkage by three months.
The deadline for linking PAN with Aadhaar previously was July 31, but was extended to August 31.
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