The new income tax bill has been introduced in the Lok Sabha. Finance Minister Nirmala Sitharaman has introduced it. There will be many major and important changes related to income tax through this bill. This will directly affect you. In this new bill, many rules related to PAN and Aadhaar have been made easier. In such a situation, what will be the effect on your pan and basis. Let's try to understand it in detail.
According to the new bill, who are eligible to have Aadhaar number. They will have to give their Aadhaar number while applying PAN and while filing the Income Tax Return (ITR). Apart from this, those who have PAN and they are eligible to take Aadhaar number. They have to inform their Aadhaar number to the Income Tax Department. If a person does not give Aadhaar number, then his pan will be canceled.
If a person's name, address or business which was used for PAN. If there is any change later, he will have to give this information to the Income Tax Officer. If a person does not have a pan. In such a situation, he can also give his Aadhaar number as a pan. If he already has a PAN, he can use his Aadhaar number instead of PAN. Provided that he has informed the Income Tax Department.
According to the new bill, it is necessary for these people to get PAN. If someone is connected to business or profession and its total sales are more than ₹ 5 lakh, apart from this if that person holds a key post in a company or institution like directors, partners, trustees etc. Also, if a person already has a PAN, he cannot take more than one pan.
