With UIDAI, i.e. the Unique Identification Authority of India, explaining that tax payers will have to link their Aadhaar with PAN within the set deadline of 31st August and there are just three days left to execute it.
The government had made obligatory the linking of the Aadhaar with PAN for filing income tax returns from 1st July existing year. Though, on 1st August the Central Board of Direct Taxes, i.e. CBDT extended the limit following a flood of objections from taxpayers that they were not capable of logging on to the e-filing website of the IT department.
The CBDT supposed that there were also problems listed regarding that the process to link Aadhaar with PAN as the names mentioned differently in the database concerning the two documents.
The IT department is improbable to extend further than 31st August the time for linking Aadhaar with PAN. Previously this month, the IT department had extended the limit till 31st August but warned that returns would not processed unless the “linkage of Aadhar with PAN is completed.
Till date, UIDAI, i.e. the Unique Identification Authority of India, which issues Aadhaar cards, has assigned these biometrically based documents to almost 115 crore Indians. Spaced out from that, there are further than 25 crore PAN cards, which have allotted to trusts, companies as well as individuals.
Specifying the existing scenario, the regime may not set off for an extension in the Aadhaar with PAN linking limit. The Finance Ministry has also supposed that demonetization has facilitated augment the tax revenue along with the number of files.
The government outlooks the linking of Aadhaar with PAN as an “effectual anti-evasion method” and is a component of its plan to fight against black money. The consent for linking Aadhaar with PAN was primarily issued to cut back black money and rationalise the complete tax filing process. It also intendeds to avoid tax evasion along with increasing number of unaccounted assets, as per the government. All the way through this order, the government wishes to boost the number of taxpayers in the country in addition to extending the tax base. It also intends to expand the tax net.
In India, there are in all 6.5 crore taxpayers of which approximately 60 lakh new taxpayers were added all through or later than the fifty days’ demonetization drive from 8th November to 31st December, previous year.