New sales scheme
Government of India has reintroduced the Open Market Sales Scheme (Domestic) starting from August 2024 for Financial Year 2024-25 for price stabilization and increasing the affordability of the rice.
The government has notified rules that require all assessees to mandatorily link their Aadhaar number with the Permanent Account Number (PAN) effective from July 1.
All tax payers who have been allotted Permanent Account Number (PAN) need to intimate their Aadhaar number to the income tax authorities for the purpose of linking both the numbers, according to the notification dated June 27.
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"Everyone who has been allotted permanent account number as on the 1st day of July, 2017, and who has Aadhaar number or is eligible to obtain Aadhaar number, shall intimate his Aadhaar number to income tax authorities for the purpose of linking PAN with Aadhaar," Central Board of Direct Taxes had said.
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It also said from July 1, 2017 onwards every person eligible to obtain Aadhaar must quote their Aadhaar number or their Aadhaar enrolment ID number for filing of income tax returns as well as for applications for PAN.
If Aadhaar number is not allotted, then the enrolment ID of Aadhaar application form needs to be given, the notification said.
However, those who do not have Aadhaar and who do not wish to obtain it for the time being, their PAN will not be cancelled, said a press release from the (CBDT).
However, for non-compliance of this provision, it said only a partial relief by the court has been given to those who do not have Aadhaar and who do not wish to obtain Aadhaar for the time being, that their PAN will not be cancelled so that other consequences under the Income Tax Act for failing to quote PAN may not arise.
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