180 Million PAN Cards May Become Inoperative by March 31 | All You Need to Know

New Delhi: At least 180 million PAN (permanent account number) could become ‘inoperative’ if they are not linked with Aadhaar before March 31, 2021 ( the deadline to link PAN with Aadhaar card), said a report. Notably,  once one’s PAN becomes inoperative, one will not be able to undergo several financial transactions where PAN is required to be quoted mandatorily. Also Read – How to Update Aadhaar Card Address Online Without Any Document? Follow These Steps

Earlier this month, the government had said that 32.71 crore PANs have been linked with biometric ID Aadhaar.  “Over 32.71 crore PANs linked with the Aadhaar,” MyGovIndia said in a tweet, adding that the total PAN allotment as on June 29 stood at 50.95 crore. Also Read – Placed Aadhaar Reprint Request, But Did Not Get The SRN? Don’t Panic, Here’s Your Solution

If reports are to be believed, the Income Tax department has planned a massive crackdown against tax evaders who have been using multiple PANs and conducting high-value transactions. Besides, in a bid to keep an eye on expenditure patterns of unscrupulous people, the Centre may expand the list of high value transactions. Also Read – Aadhaar Card Latest Update: How to Register, Update Mobile Number in Aadhaar, Can it be Done Online? Why is it Required?

Speaking to Hindustan Times, one of the officials asserted that available data suggest that there is an urgent need to expand the tax base. ““It is surprising that in a population of 1.3 billion only 15 million contribute to the I-T”, he claimed.

A few days back, the government had given a graphic of income distribution of people who file IT returns. As many as 57 per cent of the income tax returns filed is by entities with income below Rs 2.5 lakh. Eighteen per cent is of those with an income between Rs 2.5 and Rs 5 lakh; 17 per cent is for income between Rs 5 and Rs 10 lakh; and 7 per cent is filed by those with income between Rs 10 and Rs 50 lakh. One per cent of the IT return filers are of income above Rs 50 lakh.