Aadhaar-PAN linking deadline extended to June 30; all you need to know

Earlier deadlines for linking Aadhaar with PAN were July 31, August 31 and Dec 31, 2017, with the last being March 31 this year.

Latest News : The Central Board of Direct Taxes (CBDT) on Tuesday extended the last date for linking of Aadhaar with Permanent Account Number (PAN) from March 31, 2018, to June 30, 2018.

The order said the deadline for PAN-Aadhaar linking for filing I-T returns is being extended after “consideration of the matter”.

It is understood that the latest order by CBDT has come in the backdrop of the Supreme Court, earlier this month, directing extension of the March 31 deadline for linking Aadhaar with various other services.

The apex court ordered for the extension of the deadline till the five-judge constitution bench delivers its judgment on petitions challenging the validity of the biometric scheme and the enabling law.

This is a fourth extension given by the government for individuals to link their PAN with their biometric ID.

The government has now made quoting of Aadhaar mandatory for filing income tax returns (ITRs) as well as obtaining a new PAN.

Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, must intimate his Aadhaar number to the tax authorities.

As per updated data till March 5, over 166.5 million (16.65 crore) PANs, out of the total about 330 million (33 crore), have been linked with Aadhaar.

The earlier deadlines for linking the two databases were July 31, August 31 and December 31, 2017, with the last being March 31 this year.

→ Aadhaar Deadline ←

Govt to widen tax base, asks I-T dept to add 12.5 mn filers in FY18

A new I-T return filer is defined as a person who has not filed return in the previous years but is liable to do so under the law

The Income Tax department has been tasked to add 12.5 million new return tax filers within the current financial year as part of the authorities's plan to widen the tax base within the country.

 

The central Board of Direct Taxes (CBDT), that makes policy choices for the I-T department, has directed the taxman to adopt "targeted efforts to significantly increase the tax base in the current economic year of 2017-18."

The target, the CBDT directive accessed via PTI said, is to add 12.five million new I-T return filers.

 

 

A new Tax filing is described as a person who has no longer filed return in the previous years however is liable to do so under the regulation. The taxman has to add such entities and get them to do the filing of their I-T returns.

The Hyderabad & the Pune areas of the department had been given the highest targets to add 12,80,000 & 11,80,000 new filers respectively.

They're followed by Chennai with 10,47,000 new filers & Chandigarh at 10,41,000 new filers.

→ Efiling of Income tax ←                       → Income Tax Efiling ←

The plan to widen the tax base within the country was also discussed and finalised for the duration of the recently concluded 'Rajswa Gyansangam' conference of top I-T officers held right here.

The CBDT, in an official statement, had stated during the conference "techniques of tax base were discussed in detail with unique focus on verification of data accumulated during demonetisation and statement of financial transactions(SFT).... Read Full Article

PM Modi raises black money, tax evasion at G20

Prime Minister Narendra Modi on Monday raised the issues of black money and tax evasion at the G20 Summit here, urging member countries to act against financial corruption.

On the second day of the Summit here, Modi said: "Fighting corruption, black money and tax evasion were central to effective financial governance."

Modi urged the grouping to show full commitment to action against financial corruption and said effective financial governance required action against the corrupt and elimination of safe havens for economic offenders.

"We need to act to eliminate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds," Modi said in his address at the G20.

Representing 85 per cent of the world's GDP, the G20 is composed of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US and the European Union.

Making his intervention in the discussion on 'More Effective and Efficient Global Economic and Financial Governance at the G-20 summit', Modi called for further strengthening the  read more..