New Delhi, Mar 21, 2017 : The Narendra Modi Government on Tuesday made mentioning of Aadhaar number mandatory for filing Income Tax returns. The Centre also made it compulsory for quoting Aadhaar number while applying for Permanent Account Number (PAN) card.
Aadhaar has been gaining ground with several financial transactions being linked to it. Work is already in progress of all bank accounts being linked to Aadhaar number.
Recently, the I-T department had announced a mobile app for paying taxes and tracking of refunds. It had also said it was considering issuing PANs on real time basis using Aadhaar biometric.
Sources said the decision to link Aadhaar to a bank account and to make it necessary for filing Income Tax returns was taken last year.
The Government aims at making financial transactions more transparent by linking Aadhaar to bank accounts, Income Tax returns and PAN cards.
The government is working on linking all bank accounts to Aadhaar numbers. And from April 1 onwards, Aadhaar IDs will be a pre-requisite for opening an Employee Provident Fund account that helps you collate a pension.
The Aadhaar program was introduced by the previous UPA government in 2009. By offering instantaneous checking of a person’s credentials, it aims at making it much easier to open a bank account, or for legitimate beneficiaries to receive subsidies in welfare reform schemes.