Keep your Aadhaar number ready while filing income tax return
Advertisement
Finance Minister Arun Jaitley , while replying to a question in Lok Sabha, said Aadhaar number will be compulsory for filing Income Tax Returns (ITR), rejecting opposition’s move to block the proposal.
Jaitley said making Aadhaar number mandatory will curb tax evasion and frauds.
"Aadhaar has biometric details, so its chances of misuse become minimal. When the country has so much technology, and when it is being put to use, then why create such a hue and cry about it? It is an anti-evasion measure which will benefit the country. So the government considers it right to implement it," he said.
He was replying to a debate on theFinance Bill 2017, which was later passed by the House along with 40 official amendments, including the one on reducing the cap on cash transactions from Rs 3 lakh to Rs 2 lakh from April 1.
The amendments also included the merger of tribunals of different ministries and a proposal for launching electoral bonds.
Jaitley said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding.
"To encourage digital economy and to discourage cash economy, I had proposed in Budget that there will be a ban on cash transactions of over Rs 3 lakh. I am making it Rs 2 lakh by an amendment," he said.
Advertisement
Jaitley said making Aadhaar number mandatory will curb tax evasion and frauds.
"Aadhaar has biometric details, so its chances of misuse become minimal. When the country has so much technology, and when it is being put to use, then why create such a hue and cry about it? It is an anti-evasion measure which will benefit the country. So the government considers it right to implement it," he said.
He was replying to a debate on the
The amendments also included the merger of tribunals of different ministries and a proposal for launching electoral bonds.
Advertisement
"To encourage digital economy and to discourage cash economy, I had proposed in Budget that there will be a ban on cash transactions of over Rs 3 lakh. I am making it Rs 2 lakh by an amendment," he said.
Advertisement
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
- Why are so many elite coaches moving to Western countries?
- Global GDP to face a 19% decline by 2050 due to climate change, study projects
- 5 things to keep in mind before taking a personal loan
- Markets face heavy fluctuations; settle lower taking downtrend to 4th day
- Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’