As part of the digitization move and also to check on illegal practices such as tax-evasion, money laundering activities government of India has made the linking of PAN and Aadhaar mandatory by July 31. Know the new ways to link PAN with Aadhaar here.
As per a leading business daily, i f you would not link PAN with Aadhaar it is likely that you may lose access to your PAN card after December 31st, 2017. So, the mandate has been extended to check the following issues:
1. Duplicate or fake PAN cards: The linking of PAN with Aadhaar shall make any duplicate PAN card or PAN card applied in the name of fraudulent identity useless as now only one PAN card that is linked to Aadhaar could be used wherever necessary.
2. Tax evasion- With it the Income Tax department shall be able to track all the taxable transactions of a business concern or individual and hence chances of tax evasion will be reduced.
3. Corruption and money laundering will be put at bay: The linking shall ease the process of verifying each of the transaction by the government. At the same time, Aadhaar cannot be duplicated easily as it's a highly secured and full-proof identification in itself so money laundering will be checked upon.
4. Linking of Aadhaar with PAN does away with the need to send the ITRV acknowledgement to the department.
5. Updation of Individual details: Some of the PAN were applied decades ago and this move will provide the government with updated details in respect of the individual's name, contact details and address.
It may quite be the case that you don't have Aadhaar, so gear up as it is now the universally accepted identification for you. The same can be applied either online or by visiting the nearest UIDAI office and furnishing the requisite documents.