Aadhar card likely to be mandatory for PAN and Tax
Posted on: 22/Mar/2017 11:28:07 AM
Starting from 1st July this year, Aadhar card will be mandatory for paying tax or applying for Permanent Account Number. The decision will have a huge impact on the socio-economic spectrum.
The government had made a proposal in this regard yesterday, where the Finance Bill 2017 is requested to be amended. There were total of 40 such amendments requested in the legislation. It is likely that the parliament will approve the same today, Wednesday.
Discussions in this regard are taking place at the Lok Sabha. And finance minister Arun Jaitley is likely to reply today, the 22nd March.
When a PAN card application is to be made, one will have to submit the 12 digit unique Aadhar ID that is secured with biometrics such as iris scanning and finger print scanning in a central repository.
This rule will come into effect from 1st July, said Mr Jaitley. He further points that probably, there will not be any hassles or hindrances in getting approval at the parliament.
What is Finance Bill?
It is a money bill that requires Lok Sabha clearance. The government holds great majority here. The government holds minority at the Rajya Sabha and does not have the hold to reject a Money Bill.
