Page 11 - Banking Finance June 2017

ROUNDUP

INDUSTRY

NEWS
NEWS
NEWS
NEWS
NEWS

GSTN enrolment re- CBDT online facility to link Aadhaar with PAN

opens on 1 June Under the online facility launched by the Income Tax Department, the taxpayer
will only have to provide the PAN and Aadhaar num-
For entities who have not enrolled
ber, which then will be verified from the Unique Iden-
them-
selves tification Authority of India, and then the two will be
with the linked.
Goods "In case of any minor mismatch in Aadhaar name pro-
and Ser- vided, Aadhaar one time password (OTP) will be re-
vices Tax quired," said the Central Board of Direct Taxes (CBDT), adding that taxpayers
Network must ensure that the date of birth and gender in PAN and Aadhaar are exactly
(GSTN) system, the portal will re-open same for the facility to work.
for 15 days from 1 June. The process
to enroll taxpayers on the GSTN por- Aadhaar for I-T returns: CBDT backs data safety
tal was suspended on 30 April. The The Central Board of Direct Taxes (CBDT) recently issued a memorandum re-
government intends to roll out the
goods and services tax from 1 July. fraining income tax officials from publishing Aadhaar
numbers, demographic details or personal sensitive in-
ITRs for FY18 can be e- formation such as bank details. It has asked its officials
to ensure that sensitive data of taxpayers, including
filed
their Aadhaar number, is not available in public domain.
E-filing facility for all categories of
Income Tax Re- Such disclosure, the memo points out, is in contravention of the Aadhaar Act
and the Information Technology Act. I-T officials have also been asked to furnish
turns (ITRs) for
the assessment a compliance report. "Any such content already published and still appearing
year 2017-18 has publicly must be discontinued with immediate effect," adds the memo.
been activated.
The new ITRs are available for filing 10% interest for delay in Real Estate
on the e-portal of the department -- Good news for buyers who invested in Real Setae and the projects are delayed.
https://incometaxindiaefiling.gov.in. Buyers would receive interest on their invested
The e-verification of ITRs can be done amounts for the period of delay at the real Estate
through the Aadhaar number which Regulatory Authority's prescribed rate of 10%, as
allows them to complete all the for- against Rs 5-10 per sq feet, generally offered in agree-
malities. ments, the chairman of RERA in MP has said.

BANKING FINANCE | JUNE | 2017 | 11

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