New PAN card, Aadhaar rules: 5 things to know about the budget announcement
Live MintUnder the new income tax rules, as announced in the Union Budget 2019 by Nirmala Sitharaman, PAN cards and Aadhaar cards will be made interchangeable soon. 1) "For ease and convenience of tax payers, I propose to make PAN and Aadhaar interchangeable and allow those who do not have PAN to file Income Tax returns by simply quoting their Aadhaar number and also use it wherever they are required to quote PAN," Nirmala Sitharaman said in her budget speech. 2) According to the proposed rules, the Income Tax Department shall allot PAN to such person on the basis of Aadhaar after obtaining demographic data from the Unique Identification Authority of India. The budget also introduced a provision that the person receiving relevant documents shall ensure correct quoting and authentication of PAN and Aadhaar for the prescribed transactions.