NEW DELHI: Union finance minister Nirmala Sitharaman in her Budget speech on Friday announced that PAN (permanent account number) and Aadhaar card are interchangeable. "More than 120 crore Indians now have Aadhaar card, therefore for ease of tax payers I propose to make PAN and Aadhar card interchangeable and allow those who don't have PAN to file returns by simply quoting Aadhaar number and use it wherever they require to use PAN."
To put things simply, a taxpayer who doesn't have a PAN card can now file the Income Tax returns. In other announcements, the finance minister said that the government would take substantial steps to promote rental housing and would make amendments in the existing rental laws. Sitharaman calling the rental laws archaic. "Several reforms would be undertaken to promote rental housing. Current rental laws are archaic as they do not address lessor-lessee relationships fairly." she said adding that the new tenancy rules would be shared with the states.
Also, for those with annual income up to Rs 5 lakhs, the minister said that they are not required to pay any Income Tax.
To put things simply, a taxpayer who doesn't have a PAN card can now file the Income Tax returns.
Also, for those with annual income up to Rs 5 lakhs, the minister said that they are not required to pay any Income Tax.