PAN To Be Created Automatically If Tax Return Filed Using Aadhaar: 10 Facts
- According to the August 30 notification by the CBDT, the apex policymaking body for the Income Tax Department, a person not having a PAN who furnishes Aadhaar for filing an income tax return "shall be deemed" to have applied for allotment of PAN. Such persons will not be required to apply for a PAN or submit any more documents, according to the CBDT. (Also read:Â Aadhaar, PAN steps to expand tax base, say experts)
- The rule has come into effect from September 1, according to the CBDT.
- The tax department will "obtain demographic information of an individual from the Unique Identification Authority of India (UIDAI)" for allotment of Permanent Account Number (PAN), the notification added. (Also read: Taxman to "suo motu" allot PAN to those only furnishing Aadhaar)
- In her Budget speech on July 5, Finance Minister Nirmala Sitharaman had announced that PAN and Aadhaar would be made "interchangeable" as the government would allow those not having a PAN to file I-T returns by simply quoting their Aadhaar number, and also use it wherever they are required to quote PAN.
- Aadhaar holds details such as name, date of birth, gender, photo, address and biometrics of individuals. (Also read: "Either Aadhaar or PAN will do")
- A PAN is a 10-digit alphanumeric number allotted by the Income Tax Department to entities such as persons and firms.
- Over 120 crore Aadhaar numbers have been issued in the country and about 41 crore PANs generated. (Also read: Aadhaar can be used for cash transactions above Rs. 50,000, says government)
- Out of these, more than 22 crore PANs are linked with Aadhaar.
- Currently, quoting of PAN is mandatory for cash transactions - such as hotel or foreign travel bills - exceeding Rs. 50,000.
- PAN is also mandatory on purchase of immovable property of over Rs. 10 lakh.
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