Budget 2019 Income Tax: PAN and AADHAAR Interchangeable For Income-tax Purpose
- Blog|Income Tax|
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- 2 Min Read
- By Taxmann
- Last Updated on 31 October, 2022
ii) Every person who has been allotted a PAN, and who has linked his Aadhaar number with PAN as per section 139AA, may furnish his Aadhaar number in lieu of a PAN for all the transactions where quoting of PAN is mandatory as per Income-tax Act.
ii) If assessee fails to quote or authenticate his PAN or Aadhaar in specified transactions.
iii) If receiver (i.e., banks, financial institution, etc.) of documents in respect of specified transactions fails to ensure that the PAN or Aadhaar are duly quoted and authenticated. The amendment shall be applicable from September 1, 2019.
i) Position up to August 31, 2019: As per existing proviso to section 139AA(2), PAN allotted to a person shall be deemed to be invalid if he fails to intimate his Aadhaar to the Dept., on or before the notified date. As a result, the PAN shall be deemed to be invalid even in all those financial transactions, or Income-tax return, which have been done or filed, as the case may be, before the date in which PAN is deemed to be invalid.
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