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PAN and Aadhaar: What will be the effect of the new income tax bill on your PAN and Aadhaar, know full details here..

The new Income Tax Bill has been introduced in the Lok Sabha. Finance Minister Nirmala Sitharaman has introduced it. Through this bill, there will be many big and important changes related to income tax.
The new Income Tax Bill, as discussed in the MSN article, introduces significant changes regarding the linkage between PAN (Permanent Account Number) and Aadhaar in India. The Bill proposes that if an individual fails to link their PAN with Aadhaar by the specified deadline, their PAN will become inoperative. This has several implications: firstly, it will restrict the individual from filing income tax returns, processing pending returns, or receiving refunds. Additionally, it will lead to higher tax deductions at source (TDS) and tax collection at source (TCS). The article also mentions that the government aims to enhance the use of Aadhaar for better tax compliance and to curb tax evasion by ensuring a more robust identity verification system. However, there are provisions for those who do not have an Aadhaar number, allowing them to apply for a PAN in alternative ways, though with certain limitations and conditions. The changes are part of a broader effort to streamline tax administration and increase transparency in financial transactions.

Read the Full MSN Article at:
[ https://www.msn.com/en-in/money/other/pan-and-aadhaar-what-will-be-the-effect-of-the-new-income-tax-bill-on-your-pan-and-aadhaar-know-full-details-here/ar-AA1z1OKn ]