Union Budget 2019: PAN, Aadhaar to be interchangeable

The Budget 2019 proposed to make PAN and Aadhaar interchangeable. According to the announcement, if you do not have PAN, you can file your IT returns using Aadhaar. Also, you can quote your Aadhaar number wherever PAN is mandatory.

Also Read: Documents Required for Filing an Income Tax Return

The government took this initiative to improve tax compliance and make life simpler. The speech further proposed mandatory quoting of PAN/Aadhaar in order to track high-value transactions.

Based on the current income tax laws, it is necessary to quote PAN while filing ITR. With effect from 1 April 2019, it is compulsory to quote Aadhaar and link it with PAN while filing ITR.

You May Also Like

Union Budget 2019: Impact on Banking and Finance Sector

The Union Budget 2019-20 was announced by the Minister of Finance Nirmala…

Union Budget 2019: 8 Key Takeaways for MSMEs and Startups

The Minister of Finance Nirmala Sitharaman presented the much-awaited Budget on 05…

What does FM have for women and education in Union Budget 2019?

As part of the first Union Budget of the second term of…

Union Budget 2019: Impact on farmers and agriculture sector

The Union Budget 2019-20 was presented by the Minister of Finance Nirmala…