Quoting Aadhaar Number in Income Tax Return Compulsory. Existing PAN holders to intimate Aadhaar to Income tax Authorities or PAN will become invalid
It is learnt from unconfirmed sources that a new section 139AA has been proposed in the amended Finance Bill 2017 to make Aadhaar based PAN compulsory. As per the said section, on or after 1st July, 2017 quoting Aadhaar has been made compulsory for:
(a) New PAN Applications, and
(b) Income Tax Returns
In case a person do not possess Aadhaar, he/she shall apply for Aadhaar Card and shall quote Enrolment ID of Aadhaar Application.
Further, existing PAN holders are required to intimate their Aadhaar to Income tax Authorities.
It has been also provided that in case of Aadhaar is not intimated to Income Tax Authorities, the PAN shall be deemed to be invalid and it shall be deemed that such person had never applied for PAN.
The proposed amendment are as under:
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