Introduction of Aadhaar into the tax regime is one of the measures to tackle the menace of corruption and black money.To ensure this, the Government of India has added Section 139AA of the Income Tax Act which makes Aadhaar mandatory for allotment of PAN cards and linking the filing of Income Tax returns. The Supreme Court too has upheld the validity of this amendment to the Income Tax Act.
Economy and Business How can Aadhaar be helpful in tackling black money?
Recently, the Reserve Bank of India released the Financial Stability Report. The report presents a grim picture of bad loan problem faced by the Indian banking sector. The report also makes some pertinent recommendations with respect to addressing the big NPA issue.