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Monday 10 July 2017

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Why It Is Important To Link Aadhaar With PAN

The Central Government has made it mandatory to link PAN with the existing Aadhaar numbers with effect from July 1 for filing tax returns. PAN is a 10 digit alphanumeric number allotted by the I-T department while, Aadhar is a 12 digit biometric number issued by UIDAI to individuals.   A notice has been issued be government making it mandatory to link aadhaar with PAN which is must for opening bank accounts, filing tax returns and financial transactions. The income tax department had asked tax payers to link their Pan, with their Aadhaar. The benefit of this linking is that tax evasion through multiple PAN cards can be checked. There are approx 25 crore PAN numbers allotted and 112 crore Aadhaar card holders in India. By visiting you can link your Aadhaar with PAN. You can also visit a PAN Service centre and link your aadhaar.

Other methods of linking Aadhaar with PAN are:

Assesses can send an SMS to 567678 or 56161 from their registered mobile number in the following format:
UIDPAN<12 digit Aadhaar><10 digit PAN>

In case assesses name given in aadhaar and pan cards have a mismatch, then linking can be done by using an online facility. Assesses with correct details can also achieve linking through online facility.
Procedure involves: 
1)      Visit and click on the “link aadhaar” option.
2)      Enter your Aadhaar, PAN and name given on aadhaar card. Name to be filled is case sensitive.
3)      Then click on ‘link aadhaar’ button.
4)      One-time-password will be sent to your registered mobile number.
If someone fails to link their Aadhaar with PAN, they will not be able to file income tax return after July 1 2017 and their PAN card will not be valid by December 2017. This move has been brought up to curb income tax evasion. As of now 2.07 crore taxpayers have already linked their Aadhaar card with their PAN card. 

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