Permanent Account Number or which is simply called as PAN number is your identity for financial transactions in India. On the other hand Aadhaar card is a sixteen digits unique identification number which is given to every Indian defining unique identity of everyone. As Aadhaar card contains all the biometric details of a person, hence this is considered to be the best identification card amongst all. This card keeps the record of every Indian citizen and also makes it convenient for the government to keep a track of everyone. PAN card links all transactions that attract tax under a single source, making it convenient for the government to keep track of these.
Now to uncomplicated the things to a better extent the government now wants PAN Cards to get linked by Aadhaar card. Nowadays, a number of government services and schemes require an Aadhaar number for registration and verification purposes, thereby making it an important document. To keep in accordance with the financial transactions made by an Indian citizen and more than that to keep a track of all the transactions this initiative of government is taken as another crucial step after demonetization. Everyone is well aware that demonetization came into force because of the government’s vision to end corruption and to keep a hold into the illegal financial transactions.
This can be considered to be the follow up of that step only. Linking these two cards has now become a mandatory thing. The income tax department that offers PAN card has now made it simple for people to link their card with UID number and all the relevant information with links are mentioned in the website. The linking process of card would be mandatory for the current financial year hence every card holder is suggested to link it otherwise it will be void. If you really want to undergo the safe and legal financial transactions then it is necessary for you to link both the cards before the dead line arrives.
This article is provided by NRI Tax Service Company. NRITAXSERVICE.COM, a firm of professionals, set up with its Head Office in New Delhi, India and associate offices across India.