Tuesday, March 21, 2017

Aadhaar is to be mandatory for income tax returns, getting PAN | Tv6 Updates

Aadhar to be made mandatory for filing IT return, applying for PAN card

New Delhi: The government proposed on Tuesday that Aadhaar, the sole ID issued by the Unique Identification Authority of India (UIDAI), is required to file income tax returns, as well as to obtain and retain the account number permanent. He also proposed to make cash transactions above Rs2 lakh illegal, reducing the limit of the previous Rs3 lakh proposal, according to official amendments to the government-issued 2017 finance bill.
Once approved by Parliament, these amendments will further strengthen the bond around tax evaders and aid the government's campaign against black money.

According to the amendments, as of July 1, all taxpayers will have to quote AADHAAR when applying for a NAP and filing tax returns. In addition, existing PAN holders will have to disclose their Aadhaar numbers to the government by a date to be specified later. In case of lack of privacy of the Aadhaar number, the PAN assigned to the person will be considered invalid.

The government's decision to link Aadhaar will help eliminate tax evaders who have multiple NAPs. Although the income tax department has been sowing PAN with Aadhaar for the last few years, the pace of linking has not been very good.
Taxpayers who do not have an Aadhaar number are required to quote their Aadhaar registration number, as amended.

The finance bill is expected to receive Lok Sabha's assent on Wednesday.
The government's proposal to limit cash transactions to Rs2 lakh will create a paper trail for all high-value transactions and will hit purchases of real estate, jewelry and luxury goods.

While presenting the Union's budget, on 1 February, Finance Minister Arun Jaitley proposed that the legal limit for cash transactions would be Rs3 lakh, in line with the recommendations of the SIT The Supreme Court over black money.
Revenue Secretary Hasmukh Adhia tweeted Tuesday that the fine for a violation would be a fine equal to the value of the transaction.
The government also eliminated the provisions in the income tax law that made the collection of taxes at source mandatory for high-value cash purchases above Rs2 lakh to facilitate this new cap.

A crackdown on black money was one of the main promises of the Democratic National Alliance (NDA) in 2014 and the government has adopted a series of measures, including the enactment of a strict Black Money Act, Registered abroad, called the benami Act to make it more effective in the repression of assets held under the name of other people or indirectly, and the demonetization campaign, invalidating bills of currencies of greater seniority.
The SIT also recommended limiting cash holdings of individuals and companies to Rs15 lakh, but the government decided not to implement this recommendation because of practical implementation difficulties.

Although the government made Aadhaar mandatory for the use of government subsidies through the Aadhaar (providing financial services and other subsidies, benefits and services) Act of 2016, in this case, it is becoming mandatory even when there is no direct exit Of the treasury government.

"I do not agree with him, it is contrary to the decision of the Supreme Court that Aadhaar is not obligatory." The decision of the government can be challenged by a writ of petition in court, "said Rahul Matthan, a partner at Trilegal law firm Mint columnist." Aadhaar is useful for determining identity, but if you can prove identity through Of other means, then it should not be obligatory, it will be cumbersome and counterproductive. "

No comments:

Post a Comment