The Supreme Court’s verdict on Aadhaar said corporates cannot use Aadhaar as a means to validate their customers at the time of on-boarding them. Aadhaar authentication helps even during revival of policies, and makes disbursement of unclaimed money simpler because we can authenticate bank accounts through Aadhaar. If Aadhaar is no longer mandatory for issuance of insurance policies, any process that requires Aadhaar will be questioned and implementation of Aadhaar-based e-KYC will become challenging. Ruling gives clarity to taxpayersArchit Gupta CEO and founder, ClearTaxI am happy with the Aadhaar verdict because until now lack of enough clarity on who should provide Aadhaar while filing tax returns had caused a lot of confusion for taxpayers. With de-duplication of PAN, tax compliance is bound to go up, so the government has a valid cause for bringing in this legislation.

Source: Mint September 27, 2018 03:56 UTC