Linking PAN with Aadhaar is beneficial in wide-ranging ways. The current regulation supports the linking of both. Moreover, since Aadhaar is needed to avail some services and activities, such as submitting income tax returns, opting for a new PAN, receiving many government scheme benefits etc., linking the two has become essential.
The linkage between Aadhaar and PAN is not just a legal requirement. It is needed to create a transparent system to benefit the country and its economy. Linking the two essential documents is beneficial to both individuals and the government. This article seeks to explore the benefits. Please continue reading more!
A strong audit trail
Linking the two vital documents will help the creation of an audit trail. An audit trail, in simple words, means a system that traces detailed transactions of an item in an accounting record. Since Aadhaar is mandatory for most transactions, linking it with PAN will help authorities get a complete activity trail. Due to the absence of an audit trail, a lot of black money and fraudulent transactions can get generated in the economy. The linkage will help the government identify and bring those people under the tax net who are evading taxes. This will help generate more revenue, prevent income leaks, and strengthen the economy.
Prevent the occurrences of multiple PAN card
Another essential advantage of linking PAN with Aadhaar is that it will prevent the scope of having multiple PAN cards. Because Aadhaar uses biometric information like iris scans, fingerprints, facial photographs, etc., the cases of multiple and duplicate PAN cards can be eliminated. It will help the authorities to track all transactions and asset purchases.
Healthy tax system
From the point of view of individual taxpayers, they can feel good that everyone is paying taxes honestly and that no one is evading taxes. In other words, it creates a sense of unity that everyone is contributing to the nation-building efforts. By widening the tax base, the government may also bring down the tax rate, thereby passing on the benefit.
E-verify returns
Another benefit for the taxpayer is that they can e-verify their returns. The validity of their returns can be checked using the code sent to their registered mobile number with Aadhaar, removing the need to send receipt and e-signature. The linkage also helps one access a single page view of all transactions from their IT login itself.
These are just some of the benefits associated with linking PAN with Aadhaar. Given all the points mentioned above, linking the two documents is a highly essential step that will positively contribute to the county’s development.
PAN card corrections online
If you are looking for information on PAN cards, PAN card corrections online, PAN change requests or NSDL PAN card correction online, apply etc.
There is a set format and steps to get your PAN card corrections done online through Alankit.
- One must fill the required forms and post them to Alankit’s office with all the required supporting documents attached. Download the PAN card correction form.
- Then, our professional executives collect, review the same and go ahead to submit the individual’s application to the PAN Department.
- The person shall receive an acknowledgement slip from our team after the submission is done.
- Alankit conducts the essential follow-ups with the PAN department then as required.
- And finally, the person duly receives their PAN Card within a usual time period of approx. 15-20 business days.
For more details, browse the website of Alankit.
E-Filing Income Tax Returns
E-filing of income tax returns can be done by people themselves, but a much convenient way of doing it is through Alankit. They are a leading POP service provider when it comes to e-filing of income tax returns on behalf of their clients and has enough years of experience in providing high-quality services. Browse through their website for more information.
Original Resource: https://buddybio.com/read-blog/10863
