By entering the Aadhaar number in the financial transactions, the information will reach the income tax account

(Representative) Ahmedabad, Tal. September 2, 2019, Monday

Deposit of more than Rs.50,000 cash in the bank, to open a bank account, to deposit a fixed deposit in the bank, to open a demat account, to buy a motorcar, to buy a house worth over Rs.5 lakhs, to purchase shares of over Rs.1 lakh, to get a telephone connection, Hotel restaurants cost Rs. To pay bills of 25000, those traveling abroad spend more than Rs. 25000 and will pay Rs. Aadhaar number will be written to pay insurance premium of more than 50,000 rupees or immediately its information will be delivered to the income tax account which will be delivered by that department.

For this, the Central Board of Direct Taxes has circulated on August 31, announcing a change in the Income Tax Rule No. 114 to implement the system for interchange of PAN card number and Aadhar card number from 1st September.

These transactions include depositing of more than Rs.50,000 cash in the bank, opening a bank account, placing a fixed deposit in the bank, opening a demat account, buying a motorcade, buying a house worth over Rs 5 lakh, buying shares worth over Rs 1 lakh, telephone telephone. For this, hotel restaurants cost Rs. To pay bills of 25000, those traveling abroad spend more than Rs. 25000 and will pay Rs. An insurance premium of over Rs 50,000 has been deducted.

It is mandatory to enter a Permanent Account Number by now. But since September 1, the aim behind the government's exercise of attaching Aadhaar and PAN cards has been directed to track every transaction. The same will be done on the basis of the transaction number, which will be sent to the Income Tax Department by the department.

Using this same number, the person who does not have a Permanent Account Number will be allotted the unique Identification Authority of India Automatic Permanent Account Number. Thus even those who do not have Permanent Account Number will get Permanent Account Number.

Secondly, taxpayers who do not have a Permanent Account Number can apply for a PAN Card by obtaining a PAN Card by applying in an Alert format. This different format will be released to the public in the coming days. In this format, the applicant can apply for obtaining PAN card by typing his Aadhaar number.

But it has not been clarified whether the taxpayers or the individuals who had so far applied for Form 49-A to obtain the Permanent Account Number along with two forts and identity proofs will be abolished. At present, a fee of Rs.110 has to be paid for performing this procedure. It has not been clarified whether to pay this fee. The 49-A form has not yet been revoked.