Income Tax

Consequence of not linking PAN with Aadhaar-Validity of transactions previously done

Consequence of not linking PAN with Aadhaar-Validity of transactions previously carried out through such PAN

The existing proviso to the sub-section (2) of section 139AA, provides that the PAN allotted to a person shall be deemed to be invalid, in case the person fails to intimate the Aadhaar number, on or before the notified date.

In order to protect validity of transactions previously carried out through such PAN, the Union Budget 2019-20 has proposed to amend the said proviso so as to provide that if a person fails to intimate the Aadhaar number, the PAN allotted to such person shall be made inoperative in the prescribed manner.

This amendment will take effect from 1st September, 2019.

----------- Similar Posts: -----------
Share

Recent Posts

  • Income Tax

CPC order u/s 143(1) is appealable and hence no merger with order u/s 143(3) – ITAT

CPC order u/s 143(1) is appealable and hence the doctrine of merger with order u/s 143(3) do not arise -…

12 hours ago
  • GST

Under GST Act, there is no specific provision to disclose route of transportation of goods

Under GST Act, there is no specific provision which bounds selling dealer to disclose route to be taken during transportation…

14 hours ago
  • Companies Act

Restrictions on use of words “Nidhi Limited”-The Nidhi (Amendment) Rules, 2024

Restrictions on use of words Nidhi Limited unless declared as such under section 406(1). Nidhi (Amendment) Rules 2024 MINISTRY OF…

15 hours ago
  • Companies Act

MCA prescribes period & fee for updating directors personal mobile number & email

MCA prescribes period and fee for updating of Directors personal mobile number or email address by e-form DIR-3 KYC  MINISTRY…

16 hours ago
  • GST

GST e-invoice-1 and e-invoice-2 Portals to be launched from 18.07.2024

Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals GSTN has informed that NIC is releasing the integrated services from e-invoice-1…

22 hours ago
  • Companies Act

The Companies (Significant Beneficial Owners) Amendment Rules, 2024

The Companies (Significant Beneficial Owners) Amendment Rules, 2024. MCA amends Form No. BEN-2 Return to the Registrar under section 90…

23 hours ago