Use Aadhaar Or Pan Card For Tax Filing (Aadhaar Ok To Use For Opening New Bank Account) Getting New SIM Card

There has been major announcements and addition in the first budget session held under the Modi government’s second tenure. Huge expectations pondered over the new finance minister Nirmala Sitharaman and many eagerly waited for her verdict on this session’s budget.

We bring to you news on these grounds. Sitharaman, on July 5 announced in her Budget speech that the Aadhaar card could be used interchangeably with the PAN to file income tax returns (ITA). Also, the Lok Sabha on July 4 passed the Aadhaar & Other Laws (Amendment) Bill, 2019 that proposes to allow voluntary use of Aadhaar for opening bank accounts and procuring mobile phone connections, along with other details.

Aadhar can Now Be Interchanged with PAN Card for ITA Filing

In her Budget speech on July 5, the new finance minister Sitharaman announced that Aadhar card could soon be used in place of Pan card for filing income tax returns. Currently under the Income Tax Act, one must submit their Aadhaar number while applying for a PAN card and for submitting their income tax returns. This means that they need to have both of them to file an ITR.

Doing so, making Aadhar and PAN interchangeable will  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. The finance ministry has also taken a step to track high-value transactions by making it mandatory to provide the quoting and authentication of PAN/Aadhaar for certain prescribed transactions.

Sitharaman also said that Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without waiting for the mandatory 180 days, which comes as a great news for the NRIs.

Aadhar can Now be Used for Opening Bank Accounts

The Lok Sabha on Thursday passed the Aadhaar & Other Laws (Amendment) Bill, 2019. This Bill introduce by the Union Minister of Electronics and Information Technology, Ravi Shankar Prasad seeks to amend Aadhaar Act 2016 with the Indian Telegraph Act 1885 and the Prevention of Money Laundering Act 2002.

According to this bill, Aadhar can be used for opening bank accounts and procuring mobile phone connections voluntary. It also proposes to give children an option to cancel their Aadhaar number after they turn 18, as this amendment addresses privacy and security concerns.

The Bill also provides for a Rs 1-crore penalty and a jail term for private entities for storing Aadhaar data. There are currently 123 crore people using Aadhar and their biometrics are saved in a secured manner in the Indian machinery.

Aadhar is getting appreciation globally and many countries are showing interest to follow the India’s digital identification scheme.  Mr. Prasad said, the low cost technologies can advance the country and Aadhaar is one such technology developed by our scientists and IT professional.



Category Tag

Related Files

Dish TV DTH channels selection How to choose channels online as per TRAI new rules
DTH, DTH Activation, DTH Installation, DTH Plans in India, Information, Tips, TRAI Rules for cable TV, TV, Video
Dish TV DTH Channel Selection Process Online under TRAI's New Rules: Here is how you can choose your 100 channels for Dish TV online as per TRAI new rules for
Denise Richards
Actress, Celebrities, Denise Richards, Hollywood
Denise Lee Richards (born February 17, 1971) is an American actress and former fashion model. She has appeared in numerous films, including Starship Troopers (1997
OnePlus 5T Price Specifications And Features
Mobile, OnePlus
OnePlus 5T price is the big question remaining unanswered after a flurry of leaks has revealed most of the features of the handset. With the launch event just a fe
Kajal Aggarwal Kajal Kiran Kajjanbai Kajol Kalki Koechlin Kalpana
Actress, Celebrities
Kajal Aggarwal Kajal Kiran Kajjanbai Kajol Kalki Koechlin Kalpana (Kannada actress) Kalpana (Hindi Film actress) Kalpana (Malayalam actress) Kalpana Iyer Kalpana K
Shocking - Oppo R17 Could Be OnePlus 6T Price and Details
Business, Buy, Comparisons, Information, Mobile, OnePlus, Oppo, Phone, Sell, Smartphone, Specifications, Technology
Oppo has launched a new R handset called Oppo R17. But what’s more interesting is that the Oppo R17 surprisingly is very similar to the concept model of OneP
Deepika Singh
Actress, Celebrities, Deepika Singh, TV
Mouni Roy was born in Cooch Behar, West Bengal, sh Born: July 26, 1989, Delhi Spouse: Rohit Raj Goyal (m. 2014) Education: I. K. Gujral Punjab Technical University
OnePlus 6 to launch in June this year
Android, Mobile, News, OnePlus, Android Oreo, Smartphone
OnePlus fans have another reason to rejoice as the company is gearing up for the launch of its next flagship smartphone OnePlus 6. Pete Lau, chief executive of the
Siya k Raam
Actress, Celebrities, TV
Siya k Raam Real name- Madirakshi Mundle Popular as- Sita Channel- Star Plus Starting date- 16 November 2015 She made her debut on silver screen with the role of A
Samsung launches Exynos 5 Series 7872 processor for mid-range smartphones
News, Samsung
Samsung has already revealed its Exynos 9 series 9810 processor, which is likely to debut in its flagship smartphone, the Galaxy S9 later this year. Now, in an att
Adani Power's Rs 14000-crore Jharkhand SEZ project gets government approval
Business, Information, Market
Two supercritical units of 800 MW each would be set up with an investment of Rs 14,000 crore which would include setting up of a water pipeline and power evacuatio
2019 Honda Insight First Drive Review
Auto, Auto Insurance, Business, Buy, Car, Review, Sell
MINNEAPOLIS, Minn. — The first Honda Insight generated a lot of love, if you listen to its fawning owners. We believe them, and drool a little when a pristin
Pragya Jaiswal Filmography
Actress, Bollywood, Celebrities, Pragya Jaiswal
1 2014 Titoo MBA Gulshan Hindi 2 2014 Dega Mavi Telugu 2A 2014 Virattu Mavi Tamil 3 2015 Mirchi Lanti Kurradu Vasundara Telugu 4 2015 Kanche Sita Telugu Won- SIIMA
Home » Updates » Daily Update