The Central Board of Direct Taxes (CBDT), The policy-making body of the Income Tax Department made it clear that Aadhaar will be a "must" for filing of Income Tax Returns or for obtaining a new PAN from July 1. CBDT issued the statements after the Supreme Court offered a temporary relief ruling that those who already possess the Aadhaar number will have to link it with PAN to file I-T returns, but it cannot be insisted upon in case of people not possessing it.
CBDT issued a three-point "effect of the judgement" of the apex court statement saying that From July 1, 2017 onwards every person eligible to obtain Aadhaar must quote their Aadhaar number or their Aadhaar enrolment ID number for filing of income tax returns as well as for applications for PAN.
Supreme Court upholds Sec139AAof ITAct as constitutionally valid which necessitates quoting ofAadhaar no.in applying for PAN&for ITR filing pic.twitter.com/XaqNTzeu9X— Income Tax India (@IncomeTaxIndia) June 10, 2017
However the I-T department maintained that in keeping with the Supreme Court ruling, those who do not have Aadhaar and who do not wish to obtain Aadhaar for the time being, that their PAN will not be cancelled.
If the PAN is cancelled, then a person cannot do his normal banking and financial operations and hence this relief is given, income tax authorities said adding that for filing of income tax returns or to obtain a new PAN, Aadhaar will be mandatory from July 1
The I-T Department also urged taxpayers to link the two numbers - PAN and Aadhaar - as soon as possible saying it will be useful for E-Verification of Income Tax returns using Aadhaar OTP (One-Time Password).
(Also Read: Link Aadhaar With PAN, Says Tax Department. What To Do)Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
