New Delhi: While announcing the Union Budget 2019, Finance Minister Nirmala Sitharaman said for ease of tax payers, PAN and Aadhaar are being made interchangeable.
From now onwards, those without a Permanent Account Number (PAN) will be able to file their I-T returns by simply quoting their Aadhaar card number.
“More than 120 crore Indians now have Aadhar card, therefore for the ease of taxpayers, I propose to make PAN card and Aadhar card interchangeable and allow those who don’t have PAN to file returns by simply quoting Aadhar number and use it wherever they require to use PAN,” Finance Minister stated.
Sitharaman also put forward the decision of issuing Aadhaar card to the non-resident Indians (NRIs) who hold Indian passport on arrival. They no more will have to wait for 180 days to get it.
Furthermore, business establishments with an annual turnover of Rs 50 crore will have to use these modes of payments with no charges or merchant discount rates will be imposed on customers or merchants.
Talking about cashless economy, she said BHIM, UPI, Aadhaar Pay, NEFT, RTGS can be used to promote the same.