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The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar.

Why to Link PAN with AADHAR

It was reported that taxpayers were finding it difficult as their names did not match in both systems (Eg. Names with initials in one and expanded initials in another). Responding to such grievances,the Dept has come out with a simple solution now.

How to Link PAN with AADHAR

Follow below steps :

  1. Just go to www.incometaxindiaefiling.gov.in

  2. and click on the link on the left pane -> Link Aadhaar.

  3. Provide PAN, Aadhaar no. and ENTER NAME EXACTLY AS GIVEN IN AADHAAR CARD (avoid spelling mistakes)

  4. Now submit.

  5. After verification from UIDAI, the linking will be confirmed.

In case of any minor mismatch in AADHAR

In case of any minor mismatch in Aadhaar name provided by you when compared to the actual data in Aadhaar, One Time Password (Aadhaar OTP) will be sent to the mobile registered with Aadhaar which has to be provided.

Please ensure that the date of birth and gender in PAN and Aadhaar are exactly same.

There is no need to login or be registered on E-filing website.

This facility can be used by anyone to link their Aadhaar with PAN.

In a rare case where Aadhaar name is completely different from name in PAN, then the linking will fail and taxpayer will be prompted to change the name in either Aadhaar or in PAN database.

To update your PAN details

To update your PAN details please contact NSDL https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html or To update your Aadhaar card details please contact UIDAI at https://ssup.uidai.gov.in/web/guest/update

This facility is also available after login. Go to Profile settings and choose Aadhaar linking. The details as per PAN are pre-populated. Enter Aadhaar no. and ENTER NAME EXACTLY AS GIVEN IN AADHAAR CARD (avoid spelling mistakes) and submit.

Please use the simplified process to complete the linking of Aadhaar with PAN asap. This will be useful for E-Verification of Income Tax returns using Aadhaar OTP.

E-Filing team

Source : IncomeTax efiling Website

The tax proposals in the Budget 2017-18 have now become law. Below are some most important income-tax changes that will affect Tax payers :

  1. With a decrease in tax rate from 10 % to 5 % for total income between Rs 2.5 lakh and Rs 5 lakh, there is tax saving of up to Rs 12,500 per year
  2. Tax rebate is reduced to Rs 2,500 from Rs 5,000 per year for taxpayers with income up to Rs 3.5 lakh (earlier Rs 5 lakh). Due to the combined effect of change in tax rate and rebate, an individual with taxable income of Rs 3.5 lakh will now pay tax of 2,575 instead of 5,150 earlier.
  3. Surcharge at 10 % of tax levied on rich taxpayers, with income between Rs 50 lakh and Rs 1 crore. The rate of surcharge for the super rich, with income above Rs 1 crore, will remain 15 %.
  4. Holding period for immovable property to be considered "long term" reduced to 2 years from 3. This will ensure immovable property held beyond 2 years is taxed at reduced rate of 20 per cent and eligible for various exemptions on reinvestment.
  5. Long term capital gains tax will result in a lower payout owing to beneficial amendments. The base year for indexation of cost (adjustment of inflation) has been shifted to April 1, 2001 from April 1, 1981. This means lower profits on sale.
  6. Tax exemption will be available on reinvestment of capital gains in notified redeemable bonds (in addition to investment in NHAI and REC bonds).
  7. A simple one-page tax return form is to be introduced for individuals with taxable income up to Rs 5 lakh (excluding business income). Those filing returns for the first time in this category will generally not be subject to scrutiny
  8. Delay in filing tax return for 2017-18 will attract penalty of Rs 5,000 if filed by Dec 31, 2018 and Rs 10,000 if filed later. Such fee will be restricted to Rs 1,000 for small taxpayers with income up to Rs 5 lakh.
  9. Deduction for first-time investors in listed equity shares or listed units of equity oriented fund under the Rajiv Gandhi Equity Savings Scheme is withdrawn from 2017-18. If an individual has already claimed deduction under this scheme before April 1, 2017, he/she shall be allowed to avail a deduction for the next two years.
  10. Time period for revision of tax return cut to one year (from 2 years) from the end of the relevant FY or before completion of assessment, whichever is earlier.

Source : Income Tax Govt Site