Those who have Aadhaar cards do not have to use their PAN data to file their income tax return. Because of this change, the government has made the PAN practically unusable because it no longer serves an exclusive function.
Photo for representation.
New Delhi: Finance Minister Nirmala Sitharaman stated on Friday that PAN (permanent account number) and Aadhaar documents have become interchangeable.
Those who have Aadhaar do not have to use their PAN data to submit their income tax return (ITR). With this change, the government has made the PAN practically unusable because it no longer serves an exclusive function.
"Mr President, more than 120 crore Indians now have Aadhaar, so I suggest the convenience and convenience of taxpayers to make PAN and Aadhaar interchangeable and to allow those who do not have the PAN to file their income tax return by simply quote their Aadhaar number and use it wherever they need to refer to PAN, "Sitharaman said in her Budget speech.
It is currently mandatory to state the PAN number for submitting ITR.
The promotion is aimed at enabling individuals to use their Aadhaar cards instead of PAN to execute financial transactions, for example investment in investment funds, buying gold, among other things. The use of Aadhaar is expected to improve tax compliance and simplify the tax payment process.
Earlier in April, the government amended the rule and the link between Aadhaar and PAN became mandatory for submitting ITR.
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