Moneyम्जी has repeatedly said in the past that the present govt is a determined hungry wolf, who won’t let you go without paying taxes. The wolf government has proposed another attacking move to get its food. The government has proposed to make Aadhaar mandatory for filing Income Tax Return and applying Permanent Account Number (PAN) from July 1.
Income Tax department is considering issuing of Permanent Account Number (PAN) on a real time basis using Aadhaar’s e-KYC facility. Aadhaar-based e-KYC facility would allow individuals or entities wanting to apply for PAN to verify details such as date of birth or address by way of biometric identification using thumb impressions. The proposal is at an initial stage of consideration.
Aadhaar has been gaining ground with several financial transactions being linked to it. Work is already in progress of all bank accounts being linked to Aadhaar number. Recently, the I-T department had announced a mobile app for paying taxes and tracking of refunds.
The Government aims at making financial transactions more transparent by linking Aadhaar to bank accounts, Income Tax returns and PAN cards. The government is working on linking all bank accounts to Aadhaar numbers, and from April 1 onwards, Aadhaar IDs will be a pre-requisite for opening an Employee Provident Fund account that helps you collate a pension.
The government also decided on Tuesday to lower the legal limit on cash transaction from Rs 3 lakh to Rs 2 lakh as was proposed in the Budget initially.
We wish to see a developed India, a transparent India, and hope the benefits of transparency will tickle down to its people.
