Central government scheme – Aadhaar Card Made Necessary for PAN card formation and ITR filing

Recently, there was a huge change in the monetary system after demonetization announced by the government.  The central government has made another announcement on 21 Mar’ 2017 that aadhar card is now mandatory to file income tax return and applying for a PAN card so as to maintain transparency in the system. This statement was made after an amendment in the finance bill.

Objective of Central government scheme

The central government has lowered the limit of cash transaction from Rs. 3 lakh to Rs. 2 lakh. Making aadhar card compulsory will bring limpidity in the economic system. While demonetization was to destroy the current black money in the system, this new step will prevent the flow of black money in future. Persons found guilty of an illegal transaction will have to pay money equivalent to the amount of deal.

Aadhar card or aadhar number also called Unique Identification number is being used for various purposes like an opening of bank account, digital payments, receiving subsidies, getting a new sim, etc. From now onwards, Aadhar card will be compulsory for applying for a PAN card, to file income tax return and for Employee Provident Fund (EPF) accounts.

The Central government scheme is going to be implemented from July 1.

Conclusion:

Narendra Modi government has made the aadhar card mandatory to strengthen the economy. Apart from this, Income Tax Act outlaws making or accepting payments of more than 20,000 in cash for the purchase of immovable property and PAN card is compulsory if you are buying anything that has a value above 1 lakh. Citizens will now have to pay a service charge on transactions above two lakhs per month. The UIDAI has announced that for Aadhar card authentication, all devices will have to follow new encryption principles from June 1st, 2017. Hope, this will make our nation free from corruption.

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