How To Link PAN With Aadhaar

The Supreme Court (SC) has allowed linking of PAN with Aadhaar while reading out its verdict on the constitutional validity of Aadhaar. The apex court also said that quoting Aadhaar number is a mandatory to file income tax return (ITR) and for applying for a new PAN.

As per the Central Board of Direct Taxes (CBDT) notification dated December 30, 2019, the deadline to link PAN with Aadhaar has been extended by three months to March 31, 2020. If you do not link your PAN with your Aadhaar, then your PAN will become inoperative from April 1, 2020.

The government through a notification dated February 13, 2020 has clarified that what will happen once the PAN becomes inoperative. According to notification, those who link their PAN with Aadhaar after March 31, 2020 deadline, then the PAN will become operative from the date of intimation of Aadhaar number.

Also from April 1, 2019 it has become mandatory to quote and link Aadhaar number while filing tax returns unless specifically exempted. According to chartered accountants, an individual cannot file his/her ITR without linking the two first.

Here is how you can link your PAN with Aadhaar.

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What Happens If Both PAN And Aadhaar Are Not Linked By March 31?

If you are yet to link your Permanent Account Number (PAN) with Aadhaar, the deadline to do the same is March 31, 2020.

The Income Tax (I-T) Department has been putting out regular reminders regarding the same on its official Twitter handle. On March 16, the tax department tweeted saying that it was "mandatory" to link PAN with Aadhaar and advised people not to "miss" the stipulated deadline of March 31.

Here is a look at what will happen if you do not link your PAN with Aadhaar before March 31.

What will happen if PAN is not linked with Aadhaar?

If PAN and Aadhaar are not linked before March 31, then your PAN will become inoperative. Earlier the rules did not clearly define the term 'inoperative'. However, the Central Board of Direct Taxes (CBDT) in a notification dated February 13, 2020 clarified the meaning of PAN becoming 'inoperative' and how to make it operative once again.

According to CBDT, if PAN becomes inoperative with effect from April 1, 2020, you will not be able to use your PAN to conduct financial transactions wherever quoting of PAN is mandatory. Some of these financial transactions include opening of a bank account, investing in a fixed deposit, filing of income tax returns etc.

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Invoicing Under GST

Invoicing Under GST

As a GST registered dealer, you are required to provide GST Invoices, also known as bills to your clients.

1. What is a GST Invoice?

An invoice or a bill is a list of goods sent or services provided, along with the amount due for payment.

2. Who should issue GST Invoice?

If you are a GST registered business, you need to provide GST-complaint invoices to your clients for sale of good and/or services.

Your GST registered vendors will provide GST-compliant purchase invoices to you

3. What are the mandatory fields a GST Invoice should have?

A tax invoice is generally issued to charge the tax and pass on the input tax credit. A GST Invoice must have the following mandatory fields-

1.      Invoice number and date

2.      Customer name

3.      Shipping and billing address

4.      Customer and taxpayer’s GSTIN (if registered)**

5.      Place of supply

6.      HSN code/ SAC code

7.      Item details i.e. description, quantity (number), unit (meter, kg etc.), total value

8.      Taxable value and discounts

9.      Rate and amount of taxes i.e. CGST/ SGST/ IGST

10.  Whether GST is payable on reverse charge basis

11.  Signature of the supplier

If the recipient is not registered AND the value is more than Rs. 50,000 then the invoice should carry:

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Need to make additional GST payment? DRC-03: Applicability and Procedure

During the course of filing GST Return, a taxpayer may discover additional tax liabilities that he or she may need to pay. GST tax portal has the provision that allows you to do so.

“There is a section in the GST portal that talks about user services. There you need to choose DRC 03 and then opt for annual returns. You can use this to make any additional tax deposits, but need to ensure you have sufficient funds in your electronic cash ledger while using this form to make any additional tax payments.

What is form DRC-03?

DRC-03 is a payment form in which a taxpayer can pay the tax by raising its liability voluntarily or in response to the show cause notice (SCN) raised by the Department. Below is the format of Form DRC-03:

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