Are you aware of the benefits of linking Aadhaar with PAN? It has been made mandatory by the Income Tax Department. The government has announced 31st August 2017, as the deadline for linking the two unless the government decides to extend the deadline further. This move will also help the government curb black money According to the Income Tax Act u/s 143(I), If someone fails to do so, then one’s income tax return will not be taken up for processing of the Income Tax Act. Apart from this, one will also not be able to take advantage of many other benefits of Aadhaar-PAN linking.
“Linking of the Aadhaar number with the PAN card is part of the government drive against black money. It is also part of the Digital India initiative in which all government records are to be digitalized,” says Ashish Kapur, CEO, Invest Shoppe India Ltd.
Check out these 5 benefits of linking Aadhaar card with PAN card!
1) No Citizens will have a chance to have more than one PAN card.
2) It helps the Income Tax Department to establish an efficient and meticulous surveillance system of detecting tax evasion since Aadhaar number can enable easy access to the IT returns filed sequentially as well as other details for an individual.
3) It would ease the filing of income tax returns as assesses need not show the receipt of the return to the IT authorities.
4) It makes it impossible for one to cancel your PAN card.
5) It helps to collect the summarized detail of one’s taxes attached to one’s unique identification number for future reference.