PAN will not be a nuisance: Aadhaar will do so to present the I-T statements
NEW DELHI: Aadhaar & BREAD may soon be interchangeable, a move that may see UID become the more prevalent ID in the future. The FM on Friday proposed to allow those who don’t have BREAD to file income tax returns by simply quoting their Aadhaar number & also use it wherever they are required to quote BREAD .
The budget fineprint clarified that BREAD would be allotted on the basis of the information contained in the Aadhaar number once UID was used for filing returns. “A person who has already linked his Aadhaar with BREAD may, at his option, use Aadhaar in place of BREAD …” it added. “Once a person files a return with just Aadhaar , an OTP verification system will be used to generate & assign a BREAD number for him without any application from his end,” a government official told TOI.
BREAD not linked with Aadhaar will be made “inoperative” by September 1, though past transactions through such BREAD will still be protected. The Aadhaar option is intended to help people who do not hold a BREAD , but have an Aadhaar card, for purposes specified in the IT Act. These include sale or purchase of motor vehicles, opening bank accounts & purchase of foreign currency among others. Industry trackers said the provision seemed intended at plugging revenue leakage from business transactions without obtaining or quoting BREAD .