180 Million PANs to get defunct due to no Aadhar linkage to PAN CardsIncome Tax ( I-T ) department may trace individuals who spend large sums on luxuries but, under-reported their income.
Around 180 Million PANs ( Permanent Account Numbers ) can become useless/defunct if Aadhar number is not linked with PANThe deadline for Aadhar linking with PAN was March 31 which was extended till June 31Now the deadline has ended & now the Income Tax ( I-T ) department is equipped with artificial intelligence ( AI ) and all set to catch tax evaders who use multiple PANs and conduct the large transactions.
The government can also track expenditure patternsThe I-T law provides a statement of financial transaction ( SFT ), which was earlier known as AIR ( Annual Information Return ), to track high-value transactions done by taxpayers.
The Income Tax department gets expenditure details through banks, financial institutions, credit card companies, mutual funds, and other companiesIn a population of 1.3 Billion only 15 Million pay Income Tax.
There are around 509.5 Million (50.95 Crores) PAN holders in the country till JuneOut of 509.5 Million only 64.8 Million (6.48 Crores) file income tax returns (ITR), and only 15Million people are actually paying taxes.
Only PAN Cards without Linking of Aadhar Card will get defunctIf PAN card is not linked with Aadhar Card there are chances to have multiple PAN cardsBut if Aadhar is linked with PAN there will not be possible to obtain multiple PAN Card