2017: Aadhaar Card for Banking, Income Tax – 5 New Rules to Know

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After the successful demonetization activity which was primarily implemented to curb black money, control terrorism activities,  government has now made Aadhaar card mandatory in the following banking & income tax related purposes to further make life of tax offenders miserable.

New account opening: Whether you want to open a savings or current account, providing Aadhaar card number will be mandatory for the new applicants.

Existing bank account holders: Before December 2017, all the existing bank account holders will have to provide their 12 digit Aadhaar card number to the bank. Failure in doing so will make your bank account invalid.

Financial transaction above Rs. 50, 000: Until now for high value transactions above Rs. 50, 000; PAN card was must. However moving forward, Aadhaar number will be required for making any national or international money transfer for the amount above Rs. 50, 000.

Income Tax Returns: Until now individuals with income below the taxable limit were not required to file IT returns. And whether or not such individuals had PAN and Aadhaar card did not matter. However as per the government rule announced on 15Jun2017; any individual having PAN and Aadhaar card will have to link both these identity cards, whether or not income tax is filed or not by them. If this is not done (before the yet to be announced date), then permanent account number (PAN) card will become invalid. If Aadhaar number is not available then Aadhaar enrollment ID will be required.

Anyone having PAN card as on 01July2017, but eligible to get Aadhar card will have to notify IT department.

This is as per the section 139AA of the Act.

PAN card application: Any individual applying for a PAN card after 01 July 2017, will be required to quote 12 digit Aadhaar card number or Aadhaar enrollment ID.

What do you think about this law by government? Share your thoughts in the comment section below.

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