As it is well known that the income tax department has allowed Aadhaar card holders to use the biometric id number in lieu of the Permanent Account Number (PAN). But as per new provision of Income Tax, fine of Rs. 10,000 may be levied in case of wrong Aadhar Number. As per the latest amendments in the Finance Bill 2019, not only allowed people to use Aadhaar in lieu of PAN but also introduced a penalty for giving a false Aadhaar number. However, the new penalty rules are applicable only in cases where you are using Aadhaar in lieu of PAN and where quoting PAN is mandatory according to the income tax department rules. It is well known that although Aadhaar is issued by the Unique Identity Authority of India, yet the fine is not imposed by UIDAI but by the income tax department. Under Section 272B of the Income Tax Act, 1961, the department can impose a penalty in case of default in complying with provisions relating to PAN, i.e., failure to obtain, quote, or authenticate PAN.
According to PTI, The
Parliamentary Standing Committee on Finance on Friday finalized its report on
Goods and Services Tax (GST) which will be tabled in Parliament in the monsoon
session beginning August 5.
“The Committee has adopted and finalized
the report on GST. It will be sent to the Parliament on Friday only. It will be
tabled in Lok Sabha in the Monsoon session,” a source said.
The GST Bill, introduced in
Parliament in 2010, is being vetted by the Standing Committee on Finance. Now,
the states and the Centre would together finalize the draft and bring it back
to Parliament.
The proposed GST is aimed at
bringing in a common tax regime for goods and services by subsuming most
indirect taxes. It is also expected that GST will help increase revenue
collections.
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