The Income Tax (I-T) department on Monday issued a public message saying it was “mandatory” to link PAN (permanent account number) with Aadhaar and advised people not to “miss” the stipulated deadline of March 31. The department had last month said PAN will become “inoperative” if it is not linked with Aadhaar by this date.
The Income Tax (I-T) department will share all taxpayers’ data like PAN (permanent account number) information with Sebi in order to help the capital market regulator in its probe against various entities, including stock market manipulators. The sharing of information will be under three broad heads: request-based exchange of data, suo moto and automatic.
The government has made it mandatory for employees, who are subjected to tax deducted at source (TDS), to share their permanent account number or Aadhaar, or face the prospect of a mandatory 20% deduction from their salary.