INSUBCONTINENT EXCLUSIVE:
PAN-Aadhaar interchangeability: Quoting of Aadhaar instead will be allowed under tax lawsA number of changes have been announced in rules
While the government has allowed quoting of Aadhaar in place of PAN under the Income Tax Act, it has also announced grant of Aadhaar to NRIs
on arrival without a waiting period
Meanwhile, the Income Tax Department has set a September 30 as the last date for assessees to link the two "unless specifically exempted"
Of the over 41 crore PANs issued, 22 crore have been linked to Aadhaar
( PAN Aadhaar rules - 10 things to know about latest changes)Filing of income tax return (ITR) with AadhaarIndividuals not having a PAN will
be able to quote Aadhaar instead while filing their income tax returns, as announced in the Budget
above Rs 50,000 in cash in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time
currently require furnishing of PAN.Also, such payments to a mutual fund for purchase of units, a company/institution for buying
debentures/bonds, and the RBI for acquiring bonds also require PAN at present.Buying property above Rs 10 lakhThose purchasing immovable
property worth more than 10 lakh will also be able to quote Aadhaar instead of PAN
Currently, furnishing of PAN is mandatory for property transactions above Rs 10 lakh.( Aadhaar for NRIs on arrival without waiting, says
required for opening of a demat account
Therefore, Aadhaar will be accepted for opening such an account with a depository, participant, custodian of securities or any other person
50,000, says government)(With agency inputs)Get Breaking news, live coverage, and Latest News from India and around the world on
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