Aadhar Linked | Budget may be quote Aadhaar card number for filing ITRs Report
The Beginning next financial year 2017-18 when you file your income tax returns don’t be surprised if your form has field to quote the Aadhar number. the government is working on a plan it mandatory for all individuals to quote their Aadhar card status while filing the returns starting next financial year.The budget may be quote Aadhaar card number for filing ITRs.
Along with linked all the bank accounts with the unique identification number has already in the works for quite some time said a report in the Business Standard.
While work on both fronts has been progressing the report suggests that the government is actively looking at the Income Tax Act 1961 in this budget.In fact, the decision to linked Aadhar to a bank account to make it compulsory for filing IT returns was already taken in May last year.
During the meeting in May the prime minister office Aadhar card application of individuals and office bearer of entities should be obtained in IT returns starting assessment 2017-18 year. Necessary provisions may be under the Income Tax Ac rules the business standard report .
The government on Thursday said it plans to make Aadhar essential although not mandatory for subsidised food grain under the National Food Security Act and asked states to linked with ration cards at the earliest.
The Centre also said that states have promised to install digital payment system at ration shops by June the food law over 80 crore people get 5 kg wheat or rice per person per month at Rupees two or three per kg costing cheque Rs 1.4 lakh crore annually.
The efforts to promote digital transactions and less cash economy post the demonstration of Rs 500 and Rs 1,000 notes.Prime minister Narendra Modi had in a speech on 30 December had proposed a biometric payment system using Aadhar card number online platform while he exhorting citizens to adopt digital currency from the new year.
After card payments and wallets payments through the new system can be made by just a thumb impression after the bank account is linked with Aadhar card download gateway he said at a Digi Dhan Mela an event organized to celebrate the success of digital currency push.