No more extensions for Aadhar and PAN linking

TomorrowMakers ™

No more extensions for Aadhar and PAN linking

30 August 2017
The final deadline to link Aadhaar and PAN is around the corner, here are the few things you need to know.
 
 

After numerous reminders and a few extensions, the final deadline to link Aadhaar and PAN cards has been decided as 31st August 2017. The news comes despite the Supreme Court’s 24th August ruling, which said that privacy is a fundamental right that is protected under Article 21 is the Constitution. This ruling will influence the lives of 134 crore Indians. But how would Aadhaar linking project react to this? 

The Supreme Court verdict will not halt the Aadhaar linking project because the current usage of unique identity numbers upholds the reasonable restriction that has been outlined in the Supreme Court’s verdict. 

Related: What you need to know about linking your Aadhaar and PAN card?

How does government view the move?
The government views the linking of Aadhaar and PAN as an “effective anti-evasion measure” that will help in curbing black money. The government also believes that asking citizens to provide fingerprints and an iris scan does not in any way violate privacy. 

   

What is the take of UIDAI?
“The requirement for Aadhaar being quoted for availing government subsidies, welfare schemes and other benefits will also continue unhindered for now”, Ajay Bhushan Pandey, CEO of UIDAI, told PTI. He added that the data would not be shared without the consent of the person, and that there are currently several privacy protection provisions included in the Aadhaar Act itself.

Related: Locking your Aadhaar card biometrics can prevent misuse

What is unchanged?
The unique identity card is required for certain services like getting a cooking gas at a subsidized rate, for opening a bank account or for getting a new mobile number. 
The government extended the deadline for linking Aadhaar and PAN cards from the original date - 31st July for a month. The reason for the extension was there were complaints from taxpayers saying that they were unable to link the two cards on account of differences in names in the two databases.

What does it mean for taxpayers? 
An amendment in the Income-Tax Act makes it mandatory to link PAN and Aadhaar cards. This means that under this act, linking the two documents will still be necessary despite the ruling from the Supreme Court.  

Implications of not linking Aadhaar and PAN card before 31 August 2017.

  • Income Tax Returns (ITR) will not be processed and therefore, will be considered null and void
  • IT department may send you a notice under section 142(1)
  • You may have to pay a penalty of Rs. 5000 for not filing ITR on time
  • You won’t be able to carry forward your losses, for example, capital losses etc.
  • No refunds

For those who do not currently possess an Aadhaar card, their PAN cards will not be deactivated or be deemed invalid. However, it will have to be quoted when conducting any financial and banking transactions. Eventually, even those without an Aadhaar card will have to register for one, and link it with their PAN card once they receive it. 

Related: Has your Aadhaar been deactivated? Here's what you have to do

Earlier in July, the Income Tax Department extended the deadline for filing returns for the financial year 2016-17 to 5th August.

Visit https://goo.gl/iE3dNn to link your Aadhar and PAN now.

 

 
Market Quotes by TradingView

Quotes of The Day

POLL

 

MOST VIEWED CONTENT

How does GST impact your wallet?

How does GST impact your wallet?

Deemed as the biggest tax reform, what does GST have in store for your finances?

6 Documents that must be linked with your Aadhaar card

6 Documents that must be linked with your Aadhaar card

There are several documents you need to link to your Aadhaar card. Here’s what you must know about them.

Could GST make your dream home a reality?

Could GST make your dream home a reality?

Potential home buyers could be in for a treat post the GST rollout. So, what does the one-tax regime bring with it?

Beware of these 6 fees when buying real estate [Infographic]

Beware of these 6 fees when buying real estate [Infographic]

Buying a home is a wonderful accomplishment. But it sometimes comes with hidden costs. Here's what you must know

FAQs about fixed deposits

FAQs about fixed deposits

Need a crash course on opening a Fixed Deposit account? Here are some of the most asked questions regarding FDs.

Property inheritance: What you must know when making your will

Property inheritance: What you must know when making your will

A will is an essential document if you want to leave behind an inheritance. But do you know how to go about the procedure?

6 Simple ways to cut down expenses on doctors and healthcare

6 Simple ways to cut down expenses on doctors and healthcare

We, generally, tend to spend a lot on healthcare- doctors, hospitals, medicines etc. Here are a few tips to save on your medical expenses.

boy

We would love to hear from you!

Question, comment or concern? Our contact form is the best way to get in touch. We will respond to you within 5 working days.

NEWSLETTER