Aadhaar Card, PAN Card Linking: Ease of ITR filing to PAN card security; Here are your top 5 benefits
Aadhaar card - PAN card linking helps both the government and the earning individual. Once your Aadhaar is linked with your PAN card, one can't have more than one PAN card.
Aadhaar card, PAN card Linking: From 1 April 2019, it has become mandatory for the earning individuals to mention their Aadhaar number while Income Tax Return (ITR) filing. However, those earning individuals who are below 80 years of age and are income taxpayer, they will have to file their ITR electronically by logging in at the official website of the income tax department incometaxindiaefiling.gov.in. So, income tax can be paid online only by earning individuals who are below 80 years of age. But, even though they are filing their ITR online, there are chances of their ITR getting rejected as it's mandatory for each taxpayer to link its PAN with Aadhaar number.
See Zee Business Live TV streaming below:
Generally, people believe that having linked Aadhaar with PAN is necessary for ITR filing. But, there are some other benefits also, which an earning individual or a PAN Card and Aadhaar Card holder must know. Aadhaar-Pan linking negated chances of duplicacy of your PAN card also. Here are the top 5 benefits of Aadhaar Card:
1] Aadhaar-PAN linking helps both the government and the earning individual. Once your Aadhaar is linked with your PAN card, one can't have more than one PAN card and hence the chances of duplicacy of your PAN card and any chances of bank fraud in your name will also going down drastically.
2) Your Aadhaar PAN card link makes all your source of income transparent to the Income Tax Department because your Aadhaar card number will enable an easy access for the IT Department to keep all your details in one file.
3) Aadhaar, PAN linking will also ease income tax return e-filing as assesses need not show the receipt of the ITR to the IT department or its officials.
4) Aadhaar, PAN link will help you avoid cancellation of your PAN card.
5) Aadhaar, PAN linkage will help one having a summarised detail of one’s taxes attached to one’s unique identification number for future reference.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Gold and Silver rate today (May 29, 2024): Precious metal futures trade in green; yellow metal above Rs 72,250, white metal above Rs 95,500
Gold and Silver rates today (May 27, 2024): MCX gold jumps after sharp losses last week, silver nears Rs 92,100/kg levels
70:15:15 Investment Strategy: Can you build over Rs 1 crore corpus with just Rs 20,000 salary? Know calculations
Shark Tank India: This startup gets blank check offer as revenue soars 10 times in 15 months, resulted in clash between judges
03:00 PM IST