180 Million PAN Cards May Be Defunct By 2021

August 21, 2020 14:57
180 Million PAN Cards May Be Defunct By 2021

180 Million PAN Cards May Be Defunct By 2021:- The Indian government imposed several deadlines to link the Permanent Account Number (PAN) with Aadhaar. The deadlines have been extended several times. As per the ongoing reports, over 180 million PAN cards would become inoperative by March 31st, 2021. Your PAN may turn defunct if you fail to link yours with the Aadhaar. The Income Tax Department which is equipped with Artificial Intelligence (AI) decided to tighten the plans and take stringent action against the tax evaders. The Income Tax Department feels that are lakhs of people who are using multiple PANs to evade taxes.

To keep track of the transactions, the link between PAN and Aadhaar is the only process. Narendra Modi during his recent speech said that only 15 million people out of the 1.3 billion Indians are paying Income Tax to the country. Modi urged the people to pay the taxes. If PAN and Aadhaar is linked, it would not be possible for a person to use multiple PAN cards. The linkage will also help the tax officials to detect the tax evaders who do not show any taxable income. The Statement of Financial Transaction (SFT) which was earlier called Annual Information Return (AIR), the IT officials will have a chance to track the transactions.

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