Aadhaar is the generic identity for every citizen who lives in India. Now, this Aadhaar seems going to be one big hell fine for the people in the coming days. Government is gearing up to make a rule by which wrongly quoting your Aadhaar can find you a whopping Rs 10000. It’s really shocking isn’t so? Well, this is because the government is trying to interchange PAN (Permanent Account Number) card to Aadhaar for all the basic and high-value transactions like buying a home, car, shares or any other.
Minister of Finance said there 1.2 billion in India who hold Aadhaar card whereas, there are only 220 million people who have the PAN. In order to make ease in transactions and tracking purpose, the government is making an initiative to interchange Aadhaar with PAN. If any individual makes the wrong quote of his/her Aadhaar, it will attract a fine of 10k. This rule is expected to come in power from September 1, 2019. On speaking to this an official says. “It is also proposed that before passing a penalty order, a person shall be heard,” the official added.
Finance minister Nirmala Sitharaman said, “Therefore, for ease and convenience of taxpayers, I propose to make PAN and Aadhaar interchangeable and 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”.
Kuldip Kumar, partner and leader, personal tax says, “Amending Section 272B for levy penalty on the recipient of documents will help to improve compliance of quoting of PAN/ Aadhaar by those who are required to quote the same. Further, the clarification on levy of penalty for each default where PAN or Aadhaar is not quoted will also work as a deterrent as each default exposes the person to a penalty of Rs 10,000.”