(MENAFN- KNN India) Linking PAN with Aadhaar must July 1 onwards
New Delhi, June 28 (KNN) July 1 is not only the date from when GST will be implemented in the country, but it is also the date from which linking Aadhaar with PAN will be must.
Government on Wednesday notified amended income tax rules making mandatory linking of existing Aadhaar numbers with PAN.
Individuals having PAN will have to link it to their existing 12-digit biometric Aadhaar number from July 1, a government notification said.
Aadhaar number or Aadhaar enrolment ID will also have to mandatorily quoted while applying for permanent account number (PAN), which is a must for filing tax returns, opening of bank accounts and financial transactions beyond a threshold.
Following the Supreme Court ruling earlier this month, the revenue department has notified amendments to the income tax rules dealing in PAN application, which will come into effect from July 1, 2017.
The department said 'every person who has been allotted PAN as on July 1, 2017, and who in accordance with the provisions of sub-section (2) of section 139AA is required to intimate his Aadhaar number… to the principal director general of income tax (systems) or DGIT (systems).
Besides, it entrusted principal DGIT (systems) or DGIT (systems) with specifying the format and standard along with procedure for verification of documents filed with PAN application or intimation of Aadhaar.
As many as 2.07 crore taxpayers have already linked their Aadhaar with PAN. There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 115 crore people.
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