This will mean that even the non-tax paying entities such as not-for profits, trusts or societies will have to now apply for a PAN number. It has also been suggested that this PAN number or the unique identity can be linked with the Aadhaar number at the backend.A government official said that the Centre has been mulling this move for around two years now. "The whole idea is if all are asked to furnish a PAN number regardless of whether they are income tax payees or not, and the Aadhaar number is being asked for people who are behind that entity, then this PAN number can be the unifying factor. Another government official said that it is "open" to PAN being the unique identity for the companies. "It will clean up the financial markets and the avenues will be much reduced for untraceable, unaccountable transactions," said Sivarama Krishnan, executive director of PwC.

Source: Economic Times February 08, 2018 18:00 UTC