Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactions.

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..... been allotted a PAN, shall apply to the Assessing Officer for allotment of PAN. It has been observed that in many cases persons entering into high value transactions, such as purchase of foreign currency or huge withdrawal from the banks, do not possess a PAN. In order to keep an audit trail of such transactions, for widening and deepening of the tax base, it is proposed to insert a new clause (v .....

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..... section 139AA, may furnish or intimate or quote his Aadhaar number in lieu of a PAN. Section 139A, inter alia, provides that every person, receiving a document relating to a transaction for which PAN is required to be quoted shall ensure that the PAN has been duly quoted therein. It is proposed to provide that every person receiving such documents shall also ensure that the PAN or the Aadhaar num .....

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