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:
Mere CBDT Instructions cannot absolve individuals of their obligation to explain the source and nature of their gold holdings, even…
Empanelment of General Observers for ICSI Examinations December 2026 ICSI has invited interested members to enroll as General Observers for…
ITAT answers some important and inter-related issues relating to deduction u/s 80IA In a recent judgment, ITAT has dealt with…
Carry forward of loss can not be denied for belated return, it is only the set off in subsequent year…
Where sales are duly recorded in books and VAT returns, to treat it bogus sales, AO must bringing cogent adverse…
Expenses to celebrate Diwali with staff creates a goodwill and, therefore amounts to expenses incurred for the purpose of business…