GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

Aadhaar a Must For Filing Tax Returns, New PAN From July 1: Govt

All tax payers who have been allotted Permanent Account Number (PAN) should intimate their Aadhaar number to the income tax authorities for the purpose of linking both the numbers, the Central Board of Direct Taxes (CBDT) said on Saturday.

News18.com

Updated:June 10, 2017, 9:05 PM IST
facebookTwittergoogleskypewhatsapp
Aadhaar a Must For Filing Tax Returns, New PAN From July 1: Govt
Image used for representation only.

New Delhi: Aadhaar will be a "must" for filing of Income Tax Returns or for obtaining a new PAN from July 1, the Central Board of Direct Taxes (CBDT) said on Saturday.

The CTBT, in a statement, said that the Supreme Court on Friday had only given a "partial relief" to those who do not have an Aadhaar or an enrolment ID, and the taxman will not "cancel" their Permanent Account Number (PAN).

The policy-making body of the Income Tax Department issued a three-point "effect of the judgment" of the apex court statement saying: From July 1, 2017 onwards every person eligible to obtain Aadhaar must quote their Aadhaar number or their enrolment ID number for filing of Income Tax Returns as well as for applications for PAN.

"Everyone who has been allotted permanent account number as on July 1, 2017, and who has Aadhaar number or is eligible to obtain Aadhaar number, will intimate his number to I-T authorities for the purpose of linking PAN with Aadhaar," it said.

It explained what will happen in a case of "non-compliance" or where a person does not possess Aadhaar.

"Only a partial relief by the court (SC) has been given to 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 so that other consequences under the Income Tax Act for failing to quote PAN may not arise," the CBDT said.

If the PAN is cancelled, then a person cannot do his normal banking and financial operations and hence this relief is given. But, it has been made clear that for filing of ITR or to obtain a new PAN, Aadhaar will be mandatory from July 1, a senior I-T official explained.

Senior officials said the apex court's order given on Friday was "studied" by a high-level team of authorities from the Law Ministry, Finance Ministry, CBDT and the Income Tax Department after which this clarification has been issued.

(With inputs from PTI)

Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
PNB 125.55 -2.70 -2.11
Fortis Health 137.50 -5.90 -4.11
SBI 271.65 -7.05 -2.53
PC Jeweller 381.00 +24.70 +6.93
Yes Bank 311.80 -8.00 -2.50
Company Price Change %Gain
Fortis Health 137.50 -6.20 -4.31
PNB 125.65 -2.70 -2.10
ICICI Bank 321.00 -7.60 -2.31
Federal Bank 95.95 +1.50 +1.59
SBI 271.75 -7.10 -2.55
Top Gainers
Company Price Change %Gain
Ambuja Cements 257.05 +3.65 +1.44
Infosys 1,128.05 +13.60 +1.22
Cipla 611.10 +5.25 +0.87
Dr Reddys Labs 2,213.55 +17.75 +0.81
Kotak Mahindra 1,050.20 +8.05 +0.77
Company Price Change %Gain
Kotak Mahindra 1,051.75 +10.85 +1.04
Infosys 1,124.85 +10.70 +0.96
Dr Reddys Labs 2,212.75 +18.30 +0.83
Asian Paints 1,143.70 +7.00 +0.62
TCS 2,937.20 +11.45 +0.39
Top Losers
Company Price Change %Gain
Eicher Motors 27,328.15 -1,012.30 -3.57
Tech Mahindra 584.35 -21.30 -3.52
Indiabulls Hsg 1,272.35 -39.95 -3.04
SBI 271.65 -7.05 -2.53
Yes Bank 311.80 -8.00 -2.50
Company Price Change %Gain
SBI 271.75 -7.10 -2.55
Yes Bank 311.90 -8.05 -2.52
ICICI Bank 321.00 -7.60 -2.31
Bharti Airtel 419.45 -8.85 -2.07
Maruti Suzuki 8,840.00 -180.80 -2.00

Live TV