In a significant change, the Union Government has proposed a new system to allot PAN online on the basis of Aadhaar in Union Budget 2020.
A new system is proposed to launched to instantly allot Permanent Account Number (PAN) online on the basis of Aadhaar without the need to fill up any detailed application form. The measure is objected at easing the process of allotment of PAN.
The move is however made in furtherance to the 2019 Budget wherein PAN and Aadhaar were proposed to be made interchangeable. It was proposed that the individuals without a PAN would be able to file their Income Tax returns just by quoting their Aadhaar number and vice versa.
Now, the E-Commerce Operators (ECOs) shall be required to discharge TDS at a rate of 5% in non-PAN/Aadhaar cases and TDS at a rate of 1% with PAN/Aadhaar cases.
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