+91-8512-022-044 help@finodha.in

Aadhaar: A universal Indian ID and why should you have one

by | Jun 2, 2024 | Income Tax | 0 comments

Talk to an Expert: File ITR, GST & Other Business support services:

1 + 13 =

Important Keyword: Aadhaar, Bank Account, Income Tax Return, NPS, Provident Fund.

Aadhaar Card: A universal Indian ID and why should you have one

The Unique Identification Authority of India (UIDAI) was established in 2009 as an attached office of the Planning Commission by the Government of India. Its primary objective was to issue a unique 12-digit identification number, termed Aadhaar, to every resident of India, thereby enhancing the delivery of government welfare services.

Evolution and Importance

Over time, Aadhaar Card has evolved from a welfare service enhancement tool to the world’s largest ID platform and the largest biometric program globally. Its significance has grown, positioning India as a global leader in biometric technology.

Benefits for Individuals

  1. Digital ID Proof: Aadhaar serves as a digital ID proof, particularly benefiting marginalized individuals who lack valid identity proofs, enabling them to access government social benefits.
  2. Avail LPG Subsidy: Through the PAHAL Scheme, LPG subsidies are transferred to Aadhaar-linked bank accounts, streamlining subsidy distribution.
  3. Proof for Passport: Aadhaar is accepted as a valid Proof of Address (POA) and Proof of Photo-Identity (POI) for passport applications.
  4. Bank Account and Pension: Aadhaar is accepted by banks as a valid proof for opening bank accounts and receiving monthly pensions, streamlining the KYC process.
  5. Provident Fund: Aadhaar linking is mandatory for Provident Fund accounts with the Employee Provident Fund Organisation (EPFO).
  6. NPS Account Opening: Individuals can open National Pension System (NPS) accounts quickly using Aadhaar, enhancing accessibility to retirement planning.
  7. Pradhan Mantri Jan Dhan Yojana: Aadhaar is sufficient documentation to open bank accounts under this scheme, offering various benefits like RuPay cards and insurance.
  8. Accepted by SEBI: The Securities and Exchange Board of India (SEBI) recognizes Aadhaar as a valid identity proof for stock market investments.
  9. Income Tax Return: Aadhaar is accepted for verifying income tax returns, simplifying the tax filing process.
  10. Digital Locker Service: Aadhaar linking enables individuals to use the Digital Locker service, storing and e-signing documents for various government and private sector purposes, streamlining document sharing and verification processes.

Conclusion

The evolution of Aadhaar and its increasing usability across various sectors underscore its significance and benefits. From facilitating access to social benefits to streamlining administrative processes, Aadhaar has become an essential tool for individuals in India. Its continued integration with government services and initiatives promises further convenience and efficiency for citizens.

Read More: Understand Aadhaar Card

Web Stories: Understand Aadhaar Card

Official Income Tax Return filing website: https://incometaxindia.gov.in/

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Pin It on Pinterest

Shares
Share This