5 things to know about the budget announcement
- Those who do not have PAN card will be able to file ITR by quoting Aadhaar card number
- Quoting and authentication of PAN/Aadhaar shall be mandatory for certain prescribed transactions
Under the new income tax rules, as announced in the Union Budget 2019 by Nirmala Sitharaman, PAN cards and Aadhaar cards will be made interchangeable soon. This means that taxpayers will need either Aadhaar card or PAN card to file their income tax returns (ITR). At present, you need to have both to file ITR.
1) “For ease and convenience of tax payers, I propose to make PAN and Aadhaar interchangeable and allow those who do not have PAN to file Income Tax returns by simply quoting their Aadhaar number and also use it wherever they are required to quote PAN,” Nirmala Sitharaman said in her budget speech.