Over 93 million PANs linked with Aadhaar Govt to amend cost audit rules under companies law

More than 93 million Permanent Account Numbers (PAN) have been linked with Aadhaar, a senior income-tax department officer said. Of the total PAN-Aadhaar seeding, which is nearly 30 per cent of the total about 300 million PAN holders, about 30 million linkages were done in June and July. “By August 5, which was the last date for filing Income Tax Returns (ITRs), over 93 million PAN-Aadhaar linkages have been registered by the I-T department,” he said. The tally is expected to grow as the Central Board of Direct Taxes, the policymaking body of the department, has already extended the last date for linking the two unique numbers till August 31. The government had made the linking mandatory for filing ITR and obtaining a new PAN from July 1. PTI< The government will amend the cost audit rules under the companies law in order to ensure parity between financial and cost records. The amendments have been mooted pursuant to implementation of the Indian Accounting Standards (Ind AS), which is converged with global accounting norms. The corporate affairs ministry, which is implementing the Companies Act, has come out with a draft of the proposed amendments to the Cost Records and Audit rules. Various existing provisions under these rules, including some related to intangible assets, would be done away with while Ind AS compliance would be required for certain other aspects. PTI<