Aadhaar card and PAN Card-New Rules: Know everything before paying your income tax this year
Aadhaar card and PAN Card-New Rules: Budget 2019 rolled out the proposal of Aadhaar and PAN Inter-Changeability. Finance Minister Nirmala Sitharaman, during her Budget speech announced some new Aadhaar card rules.
Aadhaar card and PAN Card-New Rules: Budget 2019 rolled out the proposal of Aadhaar and PAN Inter-Changeability. Finance Minister Nirmala Sitharaman, during her Budget speech announced some new Aadhaar card rules. FM said people who do not have PAN (permanent account number) will soon be able to file their ITR (income tax return) with the help of their Aadhaar number, instead of PAN. There are over 120 crore Indians, who now possess Aadhaar card, the minister said.
Aadhaar card is a 12-digit identification number, issued by the Unique Identification Authority of India (UIDAI) to an Indian resident. Here are some new rules that you should know about Aadhaar and PAN:
1. To file an ITR, people can now use their Aadhaar according to the announcement made in Budget 2019. Earlier PAN was a mandatory document for filing an ITR in India. Finance Minister had said that those who do not have PAN can now quote their Aadhaar number wherever PAN is mandatory to quote.
2. Now people can quote their Aadhaar number for cash transactions of over Rs 50,000 under new rule. The banking institutions will make backend upgrades to allow acceptance of Aadhaar in all places where quoting PAN is now mandatory, according to Revenue Secretary Ajay Bhushan Pandey.
3. Aadhaar number can also be used as proof for obtaining GST registration as per GST council. Council had decided to allow the use of Aadhaar number for getting the registration to ease the enrolment process for new firms in country.
4. The govt also plans to enable the use of Aadhaar in place of passport for Non-residents (NRIs), as currently they need to have spent 180 days to be eligible for an Aadhaar card.
5. FM also announced in the Budget that non-resident Indians (NRIs) may get Aadhaar cards on arrival, without the mandatory waiting period rule.