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New Income Tax Rules – Submission of false Aadhaar number may be fined Rs. 10,000

As it is well known that the income tax department has allowed Aadhaar card holders to use the biometric id number in lieu of the Permanent Account Number (PAN). But as per new provision of Income Tax, fine of Rs. 10,000 may be levied in case of wrong Aadhar Number. As per the latest amendments in the Finance Bill 2019, not only allowed people to use Aadhaar in lieu of PAN but also introduced a penalty for giving a false Aadhaar number. However, the new penalty rules are applicable only in cases where you are using Aadhaar in lieu of PAN and where quoting PAN is mandatory according to the income tax department rules. It is well known that although Aadhaar is issued by the Unique Identity Authority of India, yet the fine is not imposed by UIDAI but by the income tax department. Under Section 272B of the Income Tax Act, 1961, the department can impose a penalty in case of default in complying with provisions relating to PAN, i.e., failure to obtain, quote, or authenticate PAN.
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Returns on NPS schemes for F.Y. 2012-13 - Press Release

The Pension Fund Regulatory and Development Authority (PFRDA) which regulates the National Pension System (NPS) has delivered double digit returns for the financial year 2012-13.

Due to this performance PFRDA has evidenced itself as not just being the cheapest retirement product but also as the highest returns generating scheme. PFRDA informed about the average annual returns delivered by the NPS schemes, during the financial year ended on 31.03.2013,  is as under :

(Weighted Average):

Details are as under: 

Sr. No.         Scheme Weighted.             Average Returns (in %)

   1                  Central Government                                  12.39
   2                 State Government                                      13.00
   3                 Swavalamban                                             13.40
   4                 Private: Equity                                            8.38
   5                 Private: Corporate Debt                            14.19
   6                 Private: Government Debt                         13.52


Last year revised guidelines had been issued by PFRDA for Registration of Pension Fund Managers to manage NPS for Private sector, under which eight Pension Fund Managers have been registered so far- SBI Pension Funds Pvt. Ltd., UTI Retirement Solutions Ltd., LIC Pension Fund Ltd., Kotak Mahindra Pension Fund Ltd., Reliance Capital Pension Fund Ltd., ICICI Prudential Pension Funds Management Co. Ltd., HDFC Pension Management Co. Ltd. and DSP BlackRock Pension Fund Managers Pvt. Ltd.


 It is well known that the National Pension System was introduced by the Central Government for the employees who joins the central government job on or after 01.01.2004 and subsequently subsequently extended to the private sector in May 2009 has accumulated a corpus of Rs 33,000 crores contributed by 50 lakhs subscribers.
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New Income Tax Rules – Submission of false Aadhaar number may be fined Rs. 10,000

As it is well known that the income tax department has allowed Aadhaar card holders to use the biometric id number in lieu of the Permanent Account Number (PAN). But as per new provision of Income Tax, fine of Rs. 10,000 may be levied in case of wrong Aadhar Number. As per the latest amendments in the Finance Bill 2019, not only allowed people to use Aadhaar in lieu of PAN but also introduced a penalty for giving a false Aadhaar number. However, the new penalty rules are applicable only in cases where you are using Aadhaar in lieu of PAN and where quoting PAN is mandatory according to the income tax department rules. It is well known that although Aadhaar is issued by the Unique Identity Authority of India, yet the fine is not imposed by UIDAI but by the income tax department. Under Section 272B of the Income Tax Act, 1961, the department can impose a penalty in case of default in complying with provisions relating to PAN, i.e., failure to obtain, quote, or authenticate PAN.
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