The central government on Tuesday proposed that Aadhaar number will be necessary for filing returns and Permanent Account Number (PAN) applications from July 1, 2017. The Narendra Modi-led government had earlier made it clear that Aadhaar will become an important tool in the future and also had mentioned to make it mandatory for filing income tax returns.
The government decided on Tuesday to lower the limit on cash transaction from Rs 3 lakh to Rs 2 lakh, and make Aadhaar number mandatory for filing income tax returns and applying for a PAN card. The decisions were part of amendments moved to the finance bill, which puts into effect the Budget proposals.
The Budget 2017 had proposed cash transactions of more than Rs 3 lakh value be banned but the finance bill tabled on Tuesday lowers the ceiling, said revenue secretary, Hasmukh Adhia.
The Finance Ministry headed by BJP veteran Arun Jaitley proposed amendments and with this now, post-July 1, those paying their taxes will need to have Aadhar. Not only this, the Finance Ministry has made it clear that individuals will have to link their 12 digit Aadhaar number with their PAN card, and that too before July 1. Now with this new implementation, those PAN cards not linked to Aadhaar will not be considered valid.
Those without an Aadhar card need to submit their enrolment number. Also, the labour ministry has hinted towards making Aadhaar card mandatory for opening of EPF accounts from March 31, 2017.
Also, Unique Identification Authority of India (UIDAI) earlier had said that devices using Aadhaar authentication need to follow its new encryption standards from June 1.
CEO of UIDAI Ajay Bhusan Pandey said they have recently come out with new specifications and asked manufacturers and vendors to go for Standard Testing and Quality Certification (STQC) certification. He told PTI we have advised that from June 1, they should get devices on the new specifications and that the existing devices should be upgraded to the new standards.