Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Twitter
Vivo
Chitra Ramkrishna
Stock Market
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / #FinancialBytes: Now, use Aadhaar instead of PAN for these transactions
Business

#FinancialBytes: Now, use Aadhaar instead of PAN for these transactions

#FinancialBytes: Now, use Aadhaar instead of PAN for these transactions
Written by Sagar
Jul 17, 2019, 12:51 pm 3 min read
#FinancialBytes: Now, use Aadhaar instead of PAN for these transactions

Earlier this month, Union Finance Minister Nirmala Sitharaman presented her and the new Central government's first budget. Among other initiatives, the FM announced that Permanent Account Number (PAN) and Aadhaar number can now be used interchangeably. Here's a list of all the transactions for which you can now quote Aadhaar in place of PAN.

ITR
Filing I-T returns

According to new rules, you can now quote your Aadhaar number in place of PAN for the purpose of filing Income Tax returns. Previously, it was mandatory to furnish PAN details while filing your I-T returns. However, it is still necessary to link the two documents. Separately, the deadline to file I-T returns for FY 2018-19 is July 31, 2019. Hence, hurry up.

Information
Cash transactions of more than Rs. 50,000

Currently, PAN is mandatory for facilitating one-time cash transactions above Rs. 50,000 in connection with hotel/restaurant bill payments, abroad travel, buying foreign currency, and purchasing/selling financial instruments like mutual funds, debentures, bonds etc. Hence, you can now use your Aadhaar number for all these transactions.

Other transactions
Buying/selling immovable property, non two-wheeler vehicles; debit/credit card application

At present, it is mandatory to furnish PAN details for buying and selling immovable property worth more than Rs. 10 lakh. Also, PAN is necessary for buying and selling non two-wheeler vehicles. However, as per new rules, you can use your Aadhaar card to undergo these transactions. Aadhaar can also be used for debit/credit card application, instead of PAN card.

Linkage
Note: Your PAN will be deactivated if not linked

Further, according to reports, the government is planning to temporarily invalidate all PAN cards that are not linked with Aadhaar until August 31, 2019. The thought behind the move is that the government believes that if after so many extensions, your PAN is not yet linked with Aadhaar, its authenticity is questionable. Simply put, the government is skeptic that your PAN might be fake.

Online procedure
Here's how you can link your PAN with Aadhaar online

Meanwhile, to link Aadhaar with PAN via online mode, log on to the Income Tax e-portal. Next, under the 'Quick Links' section, click on 'Link Aadhaar.' Post that, enter details such as Aadhaar number, PAN, Name, and the screen-displayed Captcha code. Submit the details, click on 'Link Aadhaar', and you are done. After successful verification from UIDAI, the linkage will be confirmed.

Do you know?
You can also link your PAN with Aadhaar via SMS

Apart from the online method, users can also link their Aadhaar with PAN, using SMS service. To do so, type a text message in this format: UIDPAN (space) 12-digit Aadhaar number (space) 10-digit PAN, and send to 567678 or 56161 from your Aadhaar-registered mobile number.

Aadhaar status
Clearing the air around Aadhaar status

Post the September 26, 2018 Supreme Court verdict relating to authentication of Aadhaar, there has been much confusion with respect to services where Aadhaar is mandatory and where not. Aadhaar is no longer mandatory for services such as opening bank accounts, telecom services, and school admissions/entrance tests. However, it is still necessary for availing government welfare-schemes and filing I-T returns (if PAN isn't used).

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Sagar
Sagar
Twitter
Sagar covers national news for NewsBytes. He has previously worked as an editorial intern at NDTV. Over the course of his near three-year career, Sagar has gained experience in news writing, copy editing, and video production. He holds a Bachelor's degree in Journalism and Mass Communication from the University of Delhi.
Latest
India
Supreme Court Of India
Aadhaar Card
PAN Card
ITR Deadline
Latest
Meet the contestants of Rohit Shetty's 'Khatron Ke Khiladi' Season-12
Meet the contestants of Rohit Shetty's 'Khatron Ke Khiladi' Season-12 Entertainment
IPL closing ceremony: Ranveer Singh, AR Rahman confirmed as performers
IPL closing ceremony: Ranveer Singh, AR Rahman confirmed as performers Entertainment
IndiGo fined Rs. 5 lakh for mishandling special needs child
IndiGo fined Rs. 5 lakh for mishandling special needs child India
2022 French Open: World number one Iga Swiatek marches on
2022 French Open: World number one Iga Swiatek marches on Sports
Greta Harper ZX Series-I electric scooter debuts at Rs. 42,000
Greta Harper ZX Series-I electric scooter debuts at Rs. 42,000 Auto
India
Booker-Prize winner Geetanjali Shree expresses 'sense of responsibility towards literature'
Booker-Prize winner Geetanjali Shree expresses 'sense of responsibility towards literature' Lifestyle
Sri Lanka PM thanks India for support during 'difficult period'
Sri Lanka PM thanks India for support during 'difficult period' World
Geetanjali Shree becomes first Hindi novelist to win Booker Prize
Geetanjali Shree becomes first Hindi novelist to win Booker Prize World
School performances drop below 2017 levels barring Punjab, Rajasthan: Survey
School performances drop below 2017 levels barring Punjab, Rajasthan: Survey India
Centre reconstitutes Inter-State Council; Modi to be chairman: Details here
Centre reconstitutes Inter-State Council; Modi to be chairman: Details here India
More News
Supreme Court Of India
Supreme Court recognizes sex work as a profession
Supreme Court recognizes sex work as a profession India
Gyanvapi case: Next hearing in Varanasi district court on Monday
Gyanvapi case: Next hearing in Varanasi district court on Monday India
Meet 26-year-old Abhilasha Barak, Indian Army's first woman combat aviator
Meet 26-year-old Abhilasha Barak, Indian Army's first woman combat aviator India
Gyanvapi case: Varanasi court to hear maintainability plea on Thursday
Gyanvapi case: Varanasi court to hear maintainability plea on Thursday India
Gyanvapi Mosque case: Varanasi court reserves judgment till Tuesday
Gyanvapi Mosque case: Varanasi court reserves judgment till Tuesday India
More News
Aadhaar Card
Govt plans one unique ID to access multiple digital IDs
Govt plans one unique ID to access multiple digital IDs India
Government to provide consent form for sharing of Aadhaar details
Government to provide consent form for sharing of Aadhaar details India
Rajya Sabha MP Derek O'Brien suspended after throwing Rule Book
Rajya Sabha MP Derek O'Brien suspended after throwing Rule Book Politics
What is Election Laws (Amendment) Bill, 2021? Check details here
What is Election Laws (Amendment) Bill, 2021? Check details here India
Aadhaar uncertainty looms large over lakhs due to NRC limbo
Aadhaar uncertainty looms large over lakhs due to NRC limbo India
More News
PAN Card
How to apply for PAN instantly on new Income-Tax portal
How to apply for PAN instantly on new Income-Tax portal Business
Deadline for linking Aadhaar and PAN extended till June 30
Deadline for linking Aadhaar and PAN extended till June 30 Business
Aadhaar-PAN linking last date: Here's how you can do it
Aadhaar-PAN linking last date: Here's how you can do it Business
Assam woman produces 15 documents to prove she's Indian; fails
Assam woman produces 15 documents to prove she's Indian; fails India
What's a FASTag, how to get one, and other details
What's a FASTag, how to get one, and other details India
More News
ITR Deadline
ITR-filing deadline extended to January 10 for individuals: Details here
ITR-filing deadline extended to January 10 for individuals: Details here Business
Received notice from Income-tax department? These could be the reasons
Received notice from Income-tax department? These could be the reasons Business
Need to update/correct details in PAN card? Here's the procedure
Need to update/correct details in PAN card? Here's the procedure Business
Lost/misplaced PAN card? Here's how you can get a duplicate
Lost/misplaced PAN card? Here's how you can get a duplicate Business
How to quote your Aadhaar number in Income Tax return
How to quote your Aadhaar number in Income Tax return India
More News
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022