Finance Minister Nirmala Sitharaman on Friday said PAN and Aadhaar have been made interchangeable, allowing those who do not have PAN to file income tax returns.The move is expected to benefit those tax-payers who have an Aadhar card but not PAN.
Here's what the Finance Minister detailed about the PAN and Aadhaar card in filing an income tax return:
It is proposed to provide interchangeability of PAN and Aadhaar to enable a person who does not have PAN but has Aadhaar to use Aadhaar in place of PAN under the Act. The Income Tax Department shall allot PAN to such person on the basis of Aadhaar after obtaining demographic data from the Unique Identification Authority of India (UIDAI). It is also proposed to provide that a person who has already linked his Aadhaar with his PAN may at his option use Aadhaar in place of PAN under the Act.
In order to track high-value transactions, it is proposed to provide that the quoting and authentication of PAN/Aadhaar shall be mandatory for certain prescribed transactions. It is also proposed to provide that the person receiving relevant documents shall ensure correct quoting and authentication of PAN/Aadhaar for the prescribed transactions. To ensure compliance of these provisions it is also proposed to amend the relevant penalty provisions.
Presently, the Act provides for making PAN invalid if it is not linked with Aadhaar within a notified date. In order to protect past transactions carried out through such PAN, it is proposed 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 after the date notified for the said linking.
Article 112 of the Indian Constitution defines the Union Budget as the annual financial statement of the estimated receipts and expenditure of the government for that particular year. The Budget accounts the finances of the government for the fiscal year which starts from April 1 and ends on March 31 next year. It is the most detailed report on the financial plan of the country, focusing on the expenditure and revenue to be made by the government during the fiscal year.
One of the reasons this Budget, presented by Nirmala Sitharaman, is special because it is going to be the first ever Budget to be presented by a woman Finance Minister in 48 years since the then Prime Minister Indira Gandhi held the charge of the Finance Ministry. Alongside that, it is also the first budget of the Modi government 2.0 and unlike the 2014 Modi budget, the expectation is one of providing large-scale growth based on the work of the last five years as opposed to setting the economy upright from what had been handed over by the UPA.