PAN card or Permanent Account Number is an identification number assigned to all taxpayers in India. A PAN card form 49A is used for allotment of the number. Gogt has now also made it mandatory to link PAN and Aadhaar cards. More
e-PAN is a valid proof of PAN. e-PAN has a QR code that possesses demographic details of PAN card holders such as the person's name, date of birth and photograph.
Income tax department in its notification said if PAN Card and Aadhaar Card is not linked with each other then such PAN card holders may witness several consequences and PAN Card will become 'inoperative', according to income tax laws under the Income Tax Act.
Aadhaar card is must for issuing the new PAN card and also mandatory for filing of income tax returns.
All those who possess a valid Aadhaar card linked to a registered mobile number can avail of this facility.
Read to know the steps you need to follow to apply for a duplicate PAN card.
Pan & Aadhaar Link: In the Union Budget for 2019-20, the government has introduced the interchangeability of PAN and Aadhaar for many transactions.
In case you fail to link your PAN to Aadhaar, your income tax returns will be rejected. Even if you do not come under the income tax slab, you will need to follow the PAN-Aadhaar linking deadline or else your PAN will become inoperative.
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"Building a better tomorrow! To reap seamless benefits of income tax services, complete the vital link before 31st December, 2019," the department said.
The income tax department can impose a penalty of Rs 10,000 if anyone is found to have given an wrong PAN number under section 272B of the Income Tax Act 1961. This provision is applicable where it is compulsory to quote PAN card number for carrying out specific financial transactions or filing income tax return (ITR).
A PAN card is issued by the income tax department via two agencies- UTIITSL and NSDL-TIN.
To link these two identity cards (PAN and Aadhaar), all you need to do is head to the Income Tax department's e-filing website.
Failing to link your PAN card to Aadhaar might render your PAN card 'inoperative' from October 1 onwards.
Government is now trying to make legal amendments to the Income Tax Act so that the penal provisions for violations related to PAN number can be extended to Aadhaar violations also.
Link your PAN (permanent account number) with your bank account to get your refund directly, swiftly and securely, the department said in a public advisory issued on Wednesday. It added the bank account could be either savings, current, cash or overdraft.
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.
Aadhaar is being promoted by the Centre in a big way. Here's how you can get immediate allotment of a permanent account number with your unique identification card.
An authentication is recorded when a citizen submits his Aadhaar number or biometric data for availing a government service, or for linking to an existing service such as a banking for customer authentication.
Changing details on a PAN card can now be done online as well. Here is how to go about it
The policy-making body of the tax department issued an order extending the deadline from the current last date of March 31.
"As per the Supreme Court's order dated 13th March 2018, the requirement of Aadhaar for opening new bank accounts and applying for Tatkal passports under the relevant laws continues," the Unique Identification Authority of India (UIDAI), which issues the 12-digit biometric identifier, said in a late evening tweet.
The five-judge constitution bench headed by CJI Dipak Misra said in its judgment that Aadhaar is still necessary to avail social benefits, services and subsidies.
There was a 300 percent jump in the number of applications for PAN (Permanent Account Number) post demonetisation, the CBDT said on Tuesday.
Some relief coming in for jewellers. Now PAN card and Aadhaar card are not needed for jewellery purchases above Rs 50,000. Watch accompanying video of CNBC-TV18’s Manisha Gupta explaining the impact of this move.
With rapid computerisation, an individual‘s PAN (Permanent Account Number) has become an important document, for many financial and non-financial transactions. It is equally important for buying or selling properties or leasing it out. R