Keep your Aadhaar number ready while filing income tax return

Finance Minister Arun Jaitley, while replying to a question in Lok Sabha, said Aadhaar number will be compulsory for filing Income Tax Returns (ITR), rejecting opposition’s move to block the proposal.

Jaitley said making Aadhaar number mandatory will curb tax evasion and frauds.

"Aadhaar has biometric details, so its chances of misuse become minimal. When the country has so much technology, and when it is being put to use, then why create such a hue and cry about it? It is an anti-evasion measure which will benefit the country. So the government considers it right to implement it," he said.

He was replying to a debate on the Finance Bill 2017, which was later passed by the House along with 40 official amendments, including the one on reducing the cap on cash transactions from Rs 3 lakh to Rs 2 lakh from April 1.

The amendments also included the merger of tribunals of different ministries and a proposal for launching electoral bonds.

Jaitley said the cap on cash transactions is being reduced to curb generation of black money and the move to introduce electoral bonds is for cleansing the political funding.

"To encourage digital economy and to discourage cash economy, I had proposed in Budget that there will be a ban on cash transactions of over Rs 3 lakh. I am making it Rs 2 lakh by an amendment," he said.