Personal Finance

Why You Should Link Aadhaar with PAN before July 1

Why You Should Link Aadhaar with PAN before July 1

Aadhaar is a 12-digit number code, issued by the Unique Identification Authority of India (UIDAI). The PAN Card is a 10-digit alphanumeric number issued by the Income-Tax Department for following your financial exchanges. PAN is an acronym for Permanent Account Number.

  • Importance of PAN Card and Aadhaar Card:

All the taxpaying entities in India has a PAN card, which is a 10 character unique code. Issued by the Income Tax Department, the card connects all exchanges that draw in tax under a solitary source. This is helpful in making the government to monitor the tax evaders.

A PAN card is fundamental for recording Income Tax returns in the nation. All people that pay tax, including nonnatives must have this card.

Each Indian resident has the Aadhaar card, which is also a unique recognizable proof card. It is issued by the Unique Identification Authority of India. The card is a 12 digit number that fills in as confirmation of way of life and also evidence of address. It is an activity by the government to have a solitary distinguishing document for each resident in the nation. The card is an individual recognizable proof that contains the individual’s biometric and statistic data.

  • Problems Faced in Linking PAN Card with Aadhaar Card:

The number of applications submitted for rectification of names in PAN cards has seen a huge hop in the past few weeks. This is on the grounds that the government has set a due date of July 1, 2017; to connect one’s PAN with his/her Aadhaar number. But, individuals who don’t have a predictable style of spelling their names are confronting issues in connecting their PAN cards with Aadhaar cards. The linking process matches Name, Gender and Date of Birth of the taxpayer and if either of them has any mismatch the link request gets rejected.

The main way out for such individuals is to either rectify the subtle elements in their PAN cards. They can also complete the updation in their Aadhaar cards. You can likewise apply for it online by transferring the essential reports.

If the subtle elements in PAN are erroneous, the individual is encouraged to present a PAN adjustment application at the assigned facilitation centers of NSDL with important confirmations. Essentially, if the subtle elements in Aadhaar are to be remedied, the individual ought to visit the assigned centers with important confirmations to redress it.

Non-Resident Indians (NRIs), however, are exempted from citing Aadhaar numbers while documenting income tax returns back home.

  • What Happens If You Don’t Link PAN Card With Aadhaar Card?

In this event, it might prompt nullification of your PAN card. In the event that that happens, you won’t be able to file your return this year. It is because citing both PAN and Aadhaar numbers is made compulsory.

As indicated by the most recent information accessible, there are more than 24.37 crore PAN enlisted in the nation. Aadhaar cards were issued to 113 crore individuals. However, just 2.87 crore people recorded wage expense forms in the assessment year 2012-2013. However, 1.62 crore did not pay any tax. This leaves the number of citizens at only one percent of the nation’s aggregate populace. Because of this low number, the administration plans to catch tax evaders with the linkage of PAN cards with Aadhaar cards.

  • Procedure to be followed for Linking PAN Card and Aadhaar Card:

Keeping in mind the end goal to connect PAN and Aadhaar, citizens need to first enroll on the Income tax e-Filing portal. When they have done as such, they are to take the following underneath steps:

  • Log in to the e-Filing entry of the Income Tax Department by entering the log-in ID, password and date of birth
  • On signing into the site, a pop up window will show up, inciting you to connect your PAN card with Aadhaar card.
  • Subtle elements, for example, name, date of birth and gender will be filled already, according to the points submitted at the time of enrollment on the e-Filing portal.
  • Confirm the various details on screen with the ones said on your Aadhaar card.
  • In the event that the mentioned details coordinate, enter your Aadhaar card number and tap on the “connect now” link.
  • A pop up message will intimate you that your Aadhaar card is effectively connected to your PAN card.
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