New Delhi: You may soon have to shell out Rs 10,000 as penalty every time you fail to provide your Aadhaar unique identitification number accurately in documents related to high-value transactions.
The penal provision is expected to be applicable from September 1 this year after amendments to relevant laws and the subsequent issuance of a notification, Hindustan Times reported.
While presenting her maiden Union Budget on July 5, finance minister Nirmala Sitharaman said that PAN and Aadhaar cards are being made interchangeable and the central government will now allow those who do not have PAN to file I-T returns by simply quoting their Aadhaar number. They can also use Aadhaar wherever they are required to quote PAN.
“The Income Tax department shall allot PAN to such person on the basis of Aadhaar after obtaining demographic data from the Unique Identification Authority of India (UIDAI). It is also proposed to provide that a person who has already linked his Aadhaar with his PAN may at his option use Aadhaar in place of PAN under the Act,” an annexure to the Budget speech stated.
For these amendments, the Budget also proposed that Section 272B of the I-T Act -- which deals with penalty for failure to comply with the provisions of section 139A -- be amended.
Currently, over 120 crore Aadhaar numbers have been issued in the country and about 41 crore PAN numbers have been generated. Out of these, 22 crore PANs are linked with Aadhaar.