The Buyt Desk
For a long time now, the Government has made it mandatory to link PAN card with Aadhar card. It is a rule under Section 139AA of the Income Tax Act. The last date for linking PAN card with Aadhar card is June 30, 2021. If you have not done it then your PAN card is likely to become inoperative. This means you cannot file your IT returns.
You may be wondering how does linkinkg of PAN-Aadhar will affect you? Well it is being done to support the honest taxpayers. With this, the Income Tax (IT) Department will prevent tax evasion, weed out fake ID holders, and prevent black money circulation. Indirectly, all this is bound to make you richer. Thus, it is in your favor to link your PAN card with your Aadhar card, and apprise others to do the same.
Weed out fake PAN cards
To evade taxes altogether or pay fewer taxes, some individuals have created fake PAN cards. Once PAN cards are linked with Aadhar cards, the Government will be able to identify these fake documents. In totality, the tax evaders will be identified and tax payments will increase.
Easy Audit of money transactions by the IT Department
Aadhar cards are already linked with the bank accounts of the citizens. Once PAN cards are linked to Aadhar cards, the IT Department can easily audit every monetary transaction being made. As a result, no one will be able to hide the movement of money, and everyone will be bound to pay the tax due.
Stop circulation of black money
Criminals perform crimes by using fake identity documents.Through linking of PAN -Aadhar card, the Government will be able in a better position to go after those who indulge in black money circulation. The spread of Aadhar cards is greater than the spread of PAN cards in the country. Thus, linking them together will definitely increase the tax collection and decrease black money circulation.
Benefit to the honest taxpayers
For an honest taxpayer, the data that only 1-2% of the population pays the income tax is discouraging. He deserves a reward for paying full taxes in due time. The tax collection by the IT Department will improve by linking PAN cards and Aadhar cards. Eventually, this will benefit citizens, who pay taxes diligently.
Ease of filing IT returns
Earlier, you would fill your ITR online, take the printout of the acknowledgment and post it to the Bangalore Head Office of the IT Department. Linking your PAN card with your Aadhar card rescues you from this hassle. After filing the ITR online, you can simply verify it using your Aadhar card number. An OTP (One-Time Password) is received on your mobile number linked to the Aadhar card. Once you feed the OTP online, your ITR is verified and submitted.
We hope that you have already linked your PAN card with your Aadhar card. If not, do it immediately not only because your PAN card will become nonfunctional, but also to enjoy the benefits mentioned above.
