Budget 2019-20: In a major announcement, Finance Minister Nirmala Sitharaman announced on Thursday that Addhaar card and PAN card are now interchangeable. She was presenting Union Budget 2019-20 in the Parliament.
According to her announcement, if a person does not have a Permanent Account Number (PAN), he will still be able to pay his or her taxes. All the taxpayer will have to do is quote his Aadhaar card number.
Till now, PAN card was mandatory to file income tax. This no longer will be the case.
In addition filing taxes, a citizen can also quote his/her Aadhaar number wherever quoting PAN number was previously mandatory. This includes transactions like buying gold, investing in mutual funds etc.
Presenting the first budget of the Modi government in its second term, Sitharaman said Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without waiting for the mandatory 180 days.
(More to follow)
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