Permanent Account Number (PAN) cards that are not linked with Aadhaar will get deactivated by March 31, 2018, said Income Tax Department in the lines of the verdict passed by the Supreme Court of India.
Th
is measure is being instigated to tap people having multiple PANs and thereby curb tax evasion and benami transactions
The step is likely to impact a large segment of the society as nearly half of the 400 million PANs are still not linked with Aadhaar.
According to Finance Act 2017, Aadhaar number is mandatory for filing I-T returns and to apply for a new PAN card.
IT department has directed that the existing PANs had to be mandatorily linked with Aadhaar within 31 March 2019.
“All unlinked PANs may be disqualified in one go or in phases. It is possible to keep some restrictions on the use of the unlinked PAN initially after the March 2019 deadline before striking them off. In any case, these will not be allowed to remain in use for a long time,” said a finance ministry official.
To link PAN with Aadhaar, visit the link:
https://portal.incometaxindiaefiling.gov.in/e-Filing/Services/LinkAadhaarHome.html
The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.
Get a chance to meet the Who's who of the NBFCs and Insurance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.
