After a bitter legal and political battle, there is some clarity on the Aadhaar and your tax return. Individuals who have the Aadhaar must mention it in their tax returns. Only those who do not have an Aadhaar are exempt from the rule. Don't treat the Aadhaar as an optional requirement. If you don't quote your Aadhaar, the return can get accepted right now but you may get a notice for willfully holding back information required to be mentioned in the return. The tax authorities have power to slap a fine or even prosecute you for submitting a false statement in verification under section 277 of the Income Tax Act, 1961.

If you have the Aadhaar, it is also necessary to link it with the PAN if you are filing your tax return. This is very easy and takes barely five minutes. Experts say the Aadhaar will soon become a must for all your financial needs. Going forward, almost all aspects of one's financial life will be linked to Aadhaar. So, if you don't already have Aadhaar, get one right away

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