AADHAAR MANDATORY FOR PAN AND ITR FILING CASH LIMIT RESTRICTED TO 2 LAKH

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The Govt has proposed to make Aadhaar number mandatory for applying the PAN card as well as for filing of return through amendment in Finance Bill 2017 in Lok Sabha.Today ,in Lok Sabha ,Finance Minister has proposed various amendment in Finance Bill 2017.The new rules are proposed to be applicable wef01.07.2017.

​It is also proposed that Persons who have already issued PAN ,shall also submit /Link their Aashaar with PAN card.Further Finance minister has also proposed restriction of cash transaction Rs 2 lakh or more, Earlier the Limit has beenproposed at 3 Lakh.100% penalty is applicable if any transaction takes place beyond prescribed Limit.Penalty is payable by receiver of the transaction .The above rules is proposed to be applicable wef 01.04.2017.

The Finance Bill 2017 has proposed many clause to[restrict cash transaction] 

The Finance Bill, 2017 proposes to insert the new Section 269ST, which provides that no person shall receive an amount of 3 lakh rupees or more(now 2 lakh),—

*.(a) in aggregate from a person in a day;

 *.(b) in respect of a single transaction; or

*.(c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or account payee bank draft or electronic clearing system througha bank account.

It is further proposed to provide that the restriction shall not apply to the Government, any banking company, post office savings bank or co-operative bank. Further, it is proposed that such other persons or class of persons or receipts may be notified by the Central Government, for reasons to be recorded in writing, on whom the proposed restriction on cash transactions shall not apply.

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