Govt To Make Aadhaar Mandatory For IT Filing After July 1st; Announces 39 More Initiatives Against Black Money Hoarders
If you assumed that demonetization was Govt’s biggest move against black money, then you were wrong. In one of the fiercest initiatives ever taken to curb the generation of black money in India, Government of India has proposed to make Aadhaar mandatory for filing Income Tax documents.
Besides, in an unprecedented stand taken against black money, they have proposed 40 amendments in the Finance Bill 2017, which is itself less than a week old. Once these 40 amendments are passed in the Parliament, then black money hoarders will find it even difficult to breathe and survive.
Analysts are predicting it as a masterstroke against black money; but there is a faint murmur of dissent within small businesses, who are complaining of even stricter rules for conducting businesses.
Crusade Against Black Money, The Aadhaar Way
Out of 40 amendments proposed, the most crucial is the proposal to make Aadhaar card mandatory for every type of Income Tax filing. Besides, the proposal also states that issuing of PAN Card will also be mandated to be Aadhaar powered, and in case any Indian doesn’t have Aadhaar Card, then he or she may never get PAN Card, which directly means that they can never file IT as well.
The proposed data of execution of this new Aadhaar based IT filing is July 1st.
And, another major proposal: By a specific date, every PAN Card holder will be required by law to disclose their Aadhaar Card number. If a person fails to disclose it by that date, then PAN Card allocated to that person shall be deemed invalid.
The proposed amendment said: “Provided that in case of failure to intimate the Aadhaar number, the permanent account number allotted to the person shall be deemed to be invalid..”
Other Amendments Against Black Money
Another major amendment proposed is declaring any cash transaction above Rs 2 lakh as illegal. As of now, traders and businesses are allowed to carry cash transactions till Rs 3 lakh.
And, in case cash transaction happens above Rs 2 lakh, then as per Revenue Secretary Hasmukh Adhia: “The penalty for violating this is a fine equivalent to the amount of transaction,”
The new amendments also make it mandatory for all electoral donations to be made by cheque, whatever be the amount. It move has been made to cleanse political donations.
Interestingly, all major opposition parties in the Parliament has vehemently opposed to these amendments moved by Finance Minister Arun Jaitley.
We will keep you updated as we receive more details..
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