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November 29, 2018

New PAN card rules: Income Tax department changes rules with effect from December 5, check details here

New PAN card rules: In a bid to prevent tax evasion, the Income Tax department has changed Permanent account number (PAN) card rules with effect from December 5, 2018. According to the latest notification issued by the issued by the Central Board of Direct Taxes (CBDT), all entities with a turn over of doing business worth over Rs 2.5 lakh or more in a financial year, must apply for a permanent account number on or before May 31, 2018, if it has not been allotted any PAN. This is the new amendment in Income Tax Rules, 1962.

The notification said, in the exercise of the powers conferred by Section 139A read with Section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes 9CBDT) made the following rules to amend the Income-tax Rules, 1962.

1) In the case of a person, being a resident, other than an individual, which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year and which has not been allotted any permanent account number, on or before the 31st day of May immediately following such financial year.

2) In the case of a person, who is the managing director, director, partner, trustee, author, founder, Karta, chief executive officer, principal officer or office-bearer or any person competent to act on behalf of the person and who has not been allotted any permanent account number, should also apply for a PAN card on or before May 31, 2019.

3) Individual taxpayers, who are not associated with such entities, needn’t worry about the new income tax rule.

4) However, individual taxpayers are free to mention their father’s name in PAN card application forms (for those with single parents). If a PAN applicant’s father is deceased or separated, the applicant can prefer not to mention his/ her father’s name at all in the form.

5) Father’s Name is mandatory except where the mother is a single parent and PAN is applied by furnishing the name of the mother only.

Source: NewsX

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