Why there's a surge in applications for PAN corrections
The number of applications submitted for correction of names in Permanent Account Number (PAN) cards have seen a significant jump in recent weeks.
The number of applications submitted for correction of names in Permanent Account Number (PAN) cards have seen a significant jump in recent weeks. This is because the government has set a deadline of July 1, 2017, to link one's PAN with his/her Aadhaar number. But people who do not have a consistent style of spelling their names are facing problems in linking their PAN cards with Aadhaar cards.
Kamala Radhakrishnan, Vice President (Business Development) at CAMS, empanelled by the National Securities Depository Ltd (NSDL) for PAN applications, says, "We understand there is a significant increase in requests for correction of names in PAN cards."
The only way out for such people is to either correct the details in their PAN cards or get the changes done in their Aadhaar cards. You can also apply for it online by uploading the requisite documents.
Amit Maheshwari, Partner at Ashok Maheshwary & Associates LLP, says, "If the details in PAN are incorrect, the person is advised to submit a PAN correction form at the designated centres of NSDL with necessary evidences. Similarly, if the details in Aadhaar are to be corrected, the person should visit the designated centres with necessary evidences to get it rectified."
Non-Resident Indians (NRIs), however, are exempted from quoting Aadhaar numbers while filing income-tax returns back home.
If you do not link your PAN card with the Aadhaar card within the stipulated time, it may lead to invalidation of your PAN card. If that happens, you will not be able to file your return this year as quoting both PAN and Aadhaar numbers has been made mandatory.
Aadhaar is a 12-digit number code, issued by the Unique Identification Authority of India (UIDAI). It is used to establish a person's identity on the basis of demographic and biometric information. The Permanent Account Number or PAN is a 10-digit alphanumeric number issued by the Income-Tax Department for tracking your financial transactions.
According to the latest data available, there are more than 24.37 crore PAN registered in the country while Aadhaar cards have been issued to 113 crore people. However, only 2.87 crore individuals filed income-tax returns in the assessment year 2012-2013, out of which 1.62 crore did not pay any tax, leaving the number of taxpayers at just one per cent of the country's total population. Due to such a low number of tax payers in the country, the government intends to catch tax evaders with the linkage of PAN cards with Aadhaar cards.