Mumbai: The government may shortly include Aadhaar card as a valid document for filing income tax returns if the taxpayer does not have requisite PAN card on them, The Economic Times reported. For the purpose, authorities are presently working out on the idea's modalities with all stakeholders.
The government had set up Ratan Watal panel to look into the possibilities of pushing forward digital payment ecosystem in country. The panel had suggested government to follow practices adopted by developed nations in widening tax base.
In such developed countries as the US, taxpayers are allowed to file returns by submitting their social security numbers to the tax authorities. Government, as reported, may replicate the practice in country.
“The committee studied that in countries like the USA, the tax return can be filed with social security numbers alone without quoting the TIN number or the tax identification number,” ET quoted sources as saying to ET Now.
The ET report also said that Central Board of Direct Taxes and Unique Identity Authority of India will together workout a framework to make the proposal a reality. Presently, the information that an Aadhaar card has to offer to tax authorities is not enough for tax purposes, the news report said....