Every PAN cardholder should know the latest news about PAN (Permanent Account Number) – Aadhaar Linking to file IT (Income Tax) Return in 2019-20. recently Supreme Court has said that linking the PAN card with Aadhaar card is compulsory for filling IT Return. Accompanied by the court has turned the order specified via the Delhi high court at the starting of last year. let’s know the more details by scrolling this page.
Linking PAN-Aadhaar To Fill INCOME TAX Returns – 2019 Breaking News
Supreme Court Verdict
New Delhi | February 07, 2019:
This Monday, the Supreme Court has made it clear that the linkage of PAN card with Aadhar is compulsory for filing income tax returns for the assessment year 2019-20.
According to Justices S. Abdul Nazeer and A.K. Sikri, the court has already passed its judgement on the matter and has upheld the 139AA section of the Income Tax Act.
The court arrived at its decision after hearing the government’s plea against an order passed by the Delhi high court. The order allowed two respondents, Shreya Sen and Jayshree Satpute, to file their Income Tax returns for 2018-2019 without the linking their PAN card with Aadhar number.
On this matter, the court said that the decision passed by the High Court was based on the fact that the decision of linking PAN card with Aadhar number compulsory for filing tax returns was pending in the Supreme Court. The bench said, the court has already decided on the matter and upheld 139AA section of the income tax act. They also added, that from now on the linkage of PAN card with Aadhar number is mandatory for filing income tax returns.
According to the court, the respondents have filed their income tax returns for the assessment year 2018-19 based on the decision passed by the High Court. However, they still have to link their PAN card with Aadhar number in order to file their income tax returns for the 2019-20 financial year.
The Supreme Court upheld the constitutional validity of the Aadhar scheme in the month of September. A constitutional bench of the court said, that the right to privacy was not violated by Aadhar card in any way. The court also upheld the passage of the Aadhar bill as a money bill in the Lok Sabha.
A constitution of five judges had held that Aadhar will remain compulsory for filing Income Tax returns and allotment of PAN, it will be compulsory to link Aadhar number to bank accounts and telecom service providers cannot seek it’s linking for telecom connections.
The Penalty for late Filing !!
It is important to note that details such as saving, income etc., for the financial year ending March 31, 2019, should be provided in the income tax returns for 2019-20. For the mentioned year, salaried individuals are expected to file their returns by 31st July 2019. For audit cases including corporate, the date is 30th September 2019. It should be noted that there is a penalty provision in case of late filing. For example, Rs 5000 will be levied on all the returns filed after 31st July 2019.
Aadhar Optional For The First Instalment Under Pradhan Mantri Kisan Samman Nidhi Scheme
On Monday it was reported by PTI that the centre made Aadhar optional for marginal and small farmers who want to get the first instalment of Rs 2000 under the Rs 75,000 crore PM-Kisan Scheme. However, it is mandatory of the farmers to present their Aadhar in order to avail their second instalment.
As stated by the Union Ministry of Agriculture in a letter to state governments, aadhar number shall be collected wherever available while transferring the first instalment of benefit for the period of 2018-19. They also added that aadhar number will be compulsory while transferring the subsequent instalments.
In this matter, the centre has instructed the state governments to prepare a database of all marginal and small farmer families. The centre has asked to collect relevant details such as name, caste, gender, bank account number, aadhar number and phone number. February 1 is the cut-off date to determine ownership of land.