Union Finance Minister Nirmala Sitharaman announced that Permanent Account Number (PAN) and Aadhaar number can now be used interchangeably. Here’s a list of all the transactions for which you can now quote Aadhaar in place of PAN.
Filing I-T returns :-
According to new rules, you can now quote your Aadhaar number in place of PAN for the purpose of filing Income Tax returns. Previously, it was mandatory to furnish PAN details while filing your I-T returns.
However, it is still necessary to link the two documents.
Separately, the deadline to file I-T returns for FY 2018-19 is July 31, 2019. Hence, hurry up.
Cash transactions of more than Rs. 50,000
Currently, PAN is mandatory for facilitating one-time cash transactions above Rs. 50,000 in connection with hotel/restaurant bill payments, abroad travel, buying foreign currency, and purchasing/selling financial instruments like mutual funds, debentures, bonds etc. Hence, you can now use your Aadhaar number for all these transactions.
Other transactions :-
At present, it is mandatory to furnish PAN details for buying and selling immovable property worth more than Rs. 10 lakh.
Also, PAN is necessary for buying and selling non two-wheeler vehicles.
However, as per new rules, you can use your Aadhaar card to undergo these transactions.
Aadhaar can also be used for debit/credit card application, instead of PAN card.
Note: Your PAN will be deactivated if not linked
Further, according to reports, the government is planning to temporarily invalidate all PAN cards that are not linked with Aadhaar until August 31, 2019.
The thought behind the move is that the government believes that if after so many extensions, your PAN is not yet linked with Aadhaar, its authenticity is questionable.
Simply put, the government is skeptic that your PAN might be fake…..Read more>>