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1.08 cr assessees done with linking; over 25 cr PAN card holders, 111 cr Aadhaar holders in India If you have not linked your Aadhaar with your PAN on the income tax portal yet, you should not delay it. As per latest circular from income tax (I-T) department, it is now mandatory to   link Aadhaar and (PAN)   permanent account number while filing tax returns. The rule which will be applicable from July 1, 2017 is aimed at tax evaders who hold multiple PAN cards to escape paying tax. Therefore, after linking both the Aadhaar and PAN, the government hopes to keep tabs on the taxable transactions of a particular individual or entity, whose identity and address will be verified by his Aadhaar card By linking the two, entities will no longer have to submit their Income Tax acknowledgement to the I-T department, thus saving tax payers a lot of trouble. When linking, make sure that name, date of birth and gender displayed on the income tax website matches with the detail o...

The finance ministry said today that tax collections stood at Rs 10.66 lakh crore in the first eleven months of the current financial year, which was 73.5% of the Budget target of Rs 14.49 lakh crore. However, direct taxcollections might slightly fall short of the budget target, but it would be offset by robust indirect tax collections, it said.  The revenue department expects additional about Rs 40,000 crore to come from indirect taxes, which will offset shortfall in direct tax mop up. Read Full Article Over Here :  Business Standard News Read our full coverage on Union Budget 2016