Finance minister Sitharaman announced that Aadhar card could soon be used in place of Pan card for filing income tax returns. Currently under the Income Tax Act, one must submit their Aadhaar number while applying for a PAN card and for submitting their income tax returns. This means that they need to have both of them to file an ITR.
Doing so, making Aadhar and PAN interchangeable will allow those who do not have PAN to file Income Tax returns by simply quoting their Aadhaar number and also use it wherever they are required to quote PAN.
The finance ministry has also taken a step to track high-value transactions by making it mandatory to provide the quoting and authentication of PAN/Aadhaar for certain prescribed transactions.
Sitharaman also said that Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without waiting for the mandatory 180 days, which comes as a great news for the NRIs.
Aadhar can Now be Used for Opening Bank Accounts
The Lok Sabha on Thursday passed the Aadhaar & Other Laws (Amendment) Bill, 2019. This Bill introduce by the Union Minister of Electronics and Information Technology, Ravi Shankar Prasad seeks to amend Aadhaar Act 2016 with the Indian Telegraph Act 1885 and the Prevention of Money Laundering Act 2002.
According to this bill, Aadhar can be used for opening bank accounts and procuring mobile phone connections voluntary. It also proposes to give children an option to cancel their Aadhaar number after they turn 18, as this amendment addresses privacy and security concerns.
The Bill also provides for a Rs 1-crore penalty and a jail term for private entities for storing Aadhaar data. There are currently 123 crore people using Aadhar and their biometrics are saved in a secured manner in the Indian machinery…..Read more>>