Skip to main content

Aadhaar card link to PAN card: No time-frame fixed to complete linkage, says Jaitley

Aadhaar card link to PAN card: No time-frame fixed to complete linkage, says Jaitley
Finance Minister Arun Jaitley today informed the Lok Sabha that the government has not fixed any time-frame to complete the linking of Aadhaar with PAN. He said this while replying to a query whether the government has fixed any time-frame to complete the linking of the 12-digit biometric Aadhaar number with the permanent account number (PAN), said a PTI report.
It may be noted that in view of taxpayers’ problems and in a bid to ease out the panic situation, the Income Tax Department had on July 31st extended the deadline for filing income tax return by 5 days to August 5. It had also extended the last date for the linking of PAN with Aadhaar to August 31, 2017.
The government had said that for the purpose of e-filing return, it would be sufficient as of now to quote Aadhaar or acknowledgement No. for having applied for Aadhaar on the e-filing website. This meant that while filing your tax return on the income tax website, it was sufficient to quote your Aadhaar number or Aadhaar enrolment ID. Linking the two was not required for those who had not already done it. However, you still need to link your Aadhaar number with the PAN card till August 31. So, after filing your return you are now required to link your Aadhaar number with the PAN card any time before 31st August, 2017.
You need to remember that if you fail to do so, your IT returns will not be processed. “The returns will not be processed until the linkage of Aadhaar with PAN is done,” CBDT had said.
As on June 28, there were over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.
The Business Standard, New Delhi, 12th August 2017

Comments

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6

Jaitley plans to cut MSME tax rate to 25%

Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem

Don't forget to verify your income tax return in August: Here's the process

  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s