TomorrowMakers ™

Tax Planning

7 benefits of Aadhaar Card

05 January 2017
As the tax planning season comes around, use your Aadhar Card to make life easier in the matters of taxation!
 

Are you sick of hearing your colleagues moan about the dreaded year-end tax filing? It only adds to your misery that you are heading in that direction too. But you can avoid all that stress. You can now use your Aadhaar Card to verify your income tax return. You just need to provide your Aadhaar Unique Identity Number (UIN).

And that’s just one of the benefits. There is more to this simple but significant document. Here is how it makes your life easy:

1.     Income tax: You can verify your filed returns through some simple steps online. It helps you cut down on the documentation needs. This mode is more cost-effective and efficient. Here is what you should do:

·        Log into the e-filing website of the Income Tax department using your PAN number. Then link your Aadhaar number. You can upload your Income Tax Return (ITR) forms.

·        Choose the option to generate an Aadhaar one-time password (OTP). This will be sent to your verified mobile number.

·        Furnish this code to verify your Income Tax Return. You can also verify returns uploaded on an earlier date. Do this by choosing the Aadhaar OTP verification option.

2.     Beating the passport blues: Did you know you can now get a new passport in just 10 days? Sounds like a miracle, does it not? Your Aadhaar Card helps you here. When you go online to apply for a passport, attach a copy of your Aadhaar Card. This will serve as a proof of identity and address. Three days later, you will get an appointment. Thereafter, the Passport Office will process and dispatch your passport in just a week.

3.     Open bank accounts in a flash: There is no need to collect multiple identity proofs or run around for documentation. Your humble Aadhaar Card is ample proof of your identity and address.

Related: 6 Practical ways to keep yourself updated on money matters

4.     Get pension money on time: The Aadhaar Card is a blessing for senior citizens. After all, older people may find documentation processes cumbersome and time-consuming. Pensioners just need to register their Aadhaar Card number. This will ensure timely pension pay-outs.

5.     Digital Life certificate: Pensioners have another reason to be happy, thanks to the Aadhaar Card. You can use your Aadhaar Card registration number online to get a digital life certificate. This can help you to continue getting your pension without the hassle of physically going to the bank and submitting the life certificate. This reduces the need for physical legwork.

6.     Easy Provident Fund disbursement: The Aadhaar Card ensures that the Provident Fund is disbursed directly to the pensioner’s account. The pensioner must simply link the Card with their pension account. This saves time and effort.

7.     LPG and other subsidies: You can get the LPG subsidy in your bank account. All you need to do is furnish your Aadhaar Unique Identification Number (UIN). In fact, all government-related subsidies will reach you directly thanks to your Aadhaar Card. No need to register separately for every government benefit.

Related: Financial Planning Pyramid {InfoGIF]

So plan wisely and ensure that your Aadhaar Card is not lying idle in your wallet. There’s definitely more to it than you think!

 
 
 

    |  
    Mr. Modi has made aadhaar card important. Good going!
    |  
    Wow! Didn’t know an Aadhaar card could be so helpful!

Did you know

"Tax-2"

POLL

 

MOST VIEWED CONTENT

GST 101: What India’s biggest tax reform means for you
Tax Planning

GST 101: What India’s biggest tax reform means for you

The goods and services tax (GST Bill) and its impact on consumers explained in terms you will actually understand

Who's got how much? Global ranking of the black economy [infographic]
Tax Planning

Who's got how much? Global ranking of the black economy [infographic]

Guess which country has the highest black money, and no, its not India!

Gifts and Taxes: how much does it cost to make someone happy?
Tax Planning

Gifts and Taxes: how much does it cost to make someone happy?

Receiving or inheriting a gift from loved ones can be extremely rewarding, so it’s best you know if they can be taxed

Non-80C items that help you save tax
Tax Planning

Non-80C items that help you save tax

As tax planning season comes around, you should be on the lookout for ways to save tax. But remember to look beyond section 80(C)!

How women can save tax in India
Tax Planning

How women can save tax in India

In India, there are numerous secrets to saving tax that only the most prudent investors know. Here’s what women need to know about the tax benefits they can avail.

Tax Benefits after Retirement
Tax Planning

Tax Benefits after Retirement

The law grants tax exemptions on retirement benefits like PF, pension, gratuity and other retirement benefits. Learn more about the applicable rules to avoid tax hassles in your retired life.

Most important income tax changes from 1st April 2017
Tax Planning

Most important income tax changes from 1st April 2017

Now that the Finance Bill has been passed, this is how the different tax changes will affect your earnings

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