We’ve got a lot of Aadhaar lately – one of them was the Aadhaar-PAN card linking, remember? Well the previous deadline was July 1, but looking at the discomfort and chaos, the date has been extended till August 31, 2017 for linking your Aadhaar card and PAN card.
When the rule of linking biometric identity Aadhaar with PAN card was made compulsory, it was seen as another ‘imposing’ policy but it is actually meant to make the tax return exercise hassle-free and easier; because with these two interlinked, e-verification at time of tax returns does not take too much time. It is so effective that if one has fair internet speed, e-verification will not take more than 20 seconds! So this is why it was made compulsory for filing IT returns from July 1.
Considering the chaos and complaints from tax payers, Centre has already extended the IT return filing deadline till August 5 instead of July 31 – giving tax payers 5 extra days. But before filing tax returns, you will need the PAN linked with Aadhaar because Central Board of Direct Taxes (CBDT) also said that the Income Tax Returns (ITRs) will be processed only after the linking has been completed. A senior official of the department said the decision to extend the deadline was taken after a meeting of the revenue department and the Central Board of Direct Taxes (CBDT) was held in the finance ministry on Monday.
The department has also asked taxpayers to declare cash deposits made in bank accounts aggregating to Rs 2 lakh or more, post demonetisation between November 9-December 30 last year, in the ITRs. This means you can choose to file the tax returns today, and need not link the two IDs. Also, according to the Supreme Court ruling, those who do not have not been allotted Aadhaar number yet need not scramble for it, as the process is only for Aadhaar-holders. This has come as a major relief for those worried whether their PAN cards would become invalid if they do not link the two by July 1.