Union Finance Minister had announced that taxpayers who don’t own a PAN card (Permanent Account Number) can now file Income Tax returns with their Aadhaar Card also.
The FM allowed the interchangeability of PAN and Aadhaar card for filing tax returns.
Here’s all you need to know about new Aadhaar card, PAN card rules:-
1. India’s national biometric ID Aadhaar can now be quoted for cash transactions of more than Rs 50,000 and all other purposes where traditionally income tax PAN was a must.
2. Banks and other institutions will make backend upgrades to allow acceptance of Aadhaar in all places where quoting PAN is now mandatory.
3.individuals will be able to use Aadhaar cards instead of PAN cards to conduct financial transactions, for instance, mutual fund investments, buying gold, and others.
4. Aadhaar can be used for deposit or withdrawal of cash worth more than Rs 50,000 from bank accounts in place of PAN.
7. At present, it is mandatory to quote PAN number for filing ITR without which the tax cannot be filed. And, this year in April, the government further amended the rule and made linkage of Aadhaar and PAN number mandatory for filing ITR returns.
8.However, quoting of Aadhaar is mandatory for filing income tax returns (ITRs), following the Supreme Court order.