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Changes In Pan Application Rules With Effect From 5th December, 2018

CBDT on  19th November, 2018 vide Notification- G.S.R. 1128(E) changed the PAN (Permanent Account Number) card rules in order to prevent tax evasion. The new rules will come into effect from 5th December , 2018.

♣ 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 ( Rs. 250000/- or more) 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.

♣ 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 of the person referred to in clause (v) or any person competent to act on behalf of the person referred to in clause (v) and who has not been allotted any permanent account number, on or before the 31st day of May, immediately apply for PAN on or before May 31 of the following financial year.

♣ Father’s name for the pan application would not be mandatory in cases where the mother of the applicant is a single parent. Only Name of the mother is sufficient.

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Categories: Income Tax
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