INSUBCONTINENT EXCLUSIVE:
Aadhaar PAN rules: Currently, quoting of PAN is mandatory for cash transactions exceeding Rs
50,000Did you know that a PAN or Permanent Account Number is generated automatically if an income tax return (ITR) is filed by quoting an
Aadhaar number? The Income Tax Department said last month that a PAN will be generated automatically if a person files the ITR is filed
Current income tax laws allow an individual to furnish Aadhaar interchangeably with PAN
having a PAN furnishing Aadhaar for filing an income tax return "shall be deemed" to have applied for allotment of PAN, according to the
Central Board of Direct Taxes (CBDT), the apex policymaking body for the Income Tax Department
In other words, such persons will not be required to apply for a PAN or submit any more documents
tax department will "obtain demographic information of an individual from the Unique Identification Authority of India (UIDAI)" for
those only furnishing Aadhaar)The Aadhaar database contains details such as name, date of birth, gender, photo, address and biometrics of
quoting of PAN is mandatory for cash transactions - such as hotel or foreign travel bills - exceeding Rs
10 lakh.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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