Aadhaar card? you have to be an alert.

Aadhaar card? If this mistake is made a fine of Rs 10,000.

Do you have an Aadhaar card? However, you have an alert. 

You have to be very careful when giving your Aadhaar number. If your Aadhaar number is wrong, you will get a huge penalty.

Highlights

  1. Amendments to the Income Tax Act
  2. This will affect the Aadhaar cardholders
  3. Aadhaar number can be used in place of PAN
  4. That’s the real problem right here

The Aadhaar card is now available to almost everyone. Aadhaar cardholders should be aware of one thing. 

The Income Tax Department has given taxpayers the flexibility to provide an Aadhaar number, not a PAN number, during ITR.

But be careful here. If your Aadhaar number is incorrect, you can be fined Rs10,000.

Amendments to Income Tax Act, 1961 This gives the Aadhaar number instead of the PAN number and a penalty of Rs 10,000.

If the Aadhaar number goes wrong. Usually, if the PAN number is incorrect or more than one PAN number would be fine of Rs.10,000.

These penalty rules apply not only when the Aadhaar number is incorrectly entered at the time of filing of ITR, but also when the Aadhaar is given in the PAN exact location. 

This means bank account opening, the opening of a Demat account, investment in mutual funds. 

If the Aadhaar is issued instead of PAN for transactions if it is above 50 thousand, and the Aadhaar number is incorrect, then a penalty would be taken of  Rs10,000.

Previously, the fine was limited to just the PAN number. However, with the implementation of Aadhaar and PAN interchangeability, it is now applicable to this Rs10,000 fine Aadhaar card.

How many times you give an Aadhaar number incorrectly will take all fine. This means that if the Aadhaar number is misplaced in two forms, then you have to pay a fine of Rs 20,000.

Otherwise, this fine would be levied by the Income Tax Department rather than UIDAI.

Also, Read YV Subba Reddy, the good news on Thirumala Laddu.

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