PAN, Aadhaar interchangeable for filing of IT returns, says FM Nirmala

Finance Minister Nirmala Sitharaman said PAN and Aadhaar have been made interchangeable, allowing those who do not have PAN to file income tax returns. She proposed to issue Aadhaar cards to non-resident Indians holding Indian passport on their arrival in the country.

Under the present rule, NRIs with Indian passport are required to wait for 180 days to get the Aadhaar card. “I propose to consider issuing Aadhaar cards for NRIs with Indian Passports after their arrival in India without waiting for mandatory 180 days,” Sitharaman said in her budget speech.

As on May 31, 2019, the Unique Identification Authority of India (UIDAI) had generated a total of 123.82 crore Aadhaar to residents of the country. Sitharaman said with a view to incentivising investment in GIFT (Gujarat International Finance Tec-City) City, the government proposes several tax benefits.

Finance Minister proposed to raise the annual turnover limit from Rs 250 crore to Rs 400 crore for availing a lower corporate tax rate of 25 per cent.The proposal would cover 99.3 per cent of the companies operating in the country, she said while presenting Union Budget 2019-20 in the Lok Sabha.

She further said only 0.7 per cent of the companies will now remain outside the 25 per cent corporate tax bracket, she said. The corporate tax rate is 30 per cent at the moment.

Finance Minister said the government is proposing additional tax deduction of Rs 1.50 lakh on interest paid on home loans taken up to March 2020. Sitharaman said the government will also provide income tax deduction of Rs 1.5 lakh on interest paid on loans taken for purchase of electric vehicles.

Finance Minister Nirmala Sitharaman said PAN and Aadhaar have been made interchangeable, allowing those who do not have PAN to file income tax returns. She proposed to issue Aadhaar cards to non-resident Indians holding Indian passport on their arrival in the country.

Under the present rule, NRIs with Indian passport are required to wait for 180 days to get the Aadhaar card. “I propose to consider issuing Aadhaar cards for NRIs with Indian Passports after their arrival in India without waiting for mandatory 180 days,” Sitharaman said in her budget speech.

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