Situations where Aadhaar can be substituted for PAN | Fusion - WeRIndia

The Finance Minister Nirmala Sitharaman in the Union Budget announced that Aadhaar can be used in the place of PAN in certain situations.

Here is a list of those situations:

• The finance minister announced that both Aadhaar and PAN can be used interchangeably. With this, the income tax returns can now be filed with Aadhaar card number.
• Those who do not have PAN at the time of filing their returns can do it through their unique ID. The IT department will issue a PAN card to them later.
• Aadhaar card can be used for cash transactions of above ₹50,000. Initially, these transactions require a PAN, but now one can use his/her Aadhaar card number for such transactions.
• Aadhaar card can be used for a cash deposit or withdrawal of over ₹50,000.

However, PAN is a must for doing certain transactions and Aadhaar card cannot be substituted in certain situations.

Here is a list of such circumstances:

• You have to provide your PAN card details if your hotel bill is valued at over ₹50,000 and you are paying the bill with cash.
• If Your foreign travel bills exceed ₹50,000, then you have to furnish your PAN details.
• If you buy an immovable property which is valued at over ₹10 lakh, then you have to quote your PAN number for such transactions.
• Certain messages are rounding on the internet stating that PAN cards that are not linked with Aadhaar cards of the users will be invalid by August 31, 2019.
• However, Revenue Secretary Ajay Bhushan Pandey emphasized that PAN will not be terminated even if it is not linked to Aadhaar card as both can now be used interchangeably.
• Yet, the government in this regard suggests that linking PAN with Aadhaar within a notified date is mandatory to avoid the termination of PAN.

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Image Reference: https://pixabay.com/photos/aadhaar-identity-card-document-5086495/