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homeeconomy NewsHere are the new PAN card rules coming into effect from December 5

Here are the new PAN card rules coming into effect from December 5

The Income Tax department has released a new set of rules for permanent account number (PAN) card applicants, in order to prevent tax evasion. The rules will come into effect from December 5.

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By CNBC-TV18 Nov 27, 2018 10:20:10 AM IST (Published)

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Here are the new PAN card rules coming into effect from December 5
The Income Tax department has released a new set of rules for permanent account number (PAN) card applicants, in order to prevent tax evasion. The rules will come into effect from December 5.

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Here are the details:
  • As per the new rules, it's not mandatory to furnish father's name for a person whose mother is a single parent.
  • Every individual is required to apply for a PAN on or before May 31, be it a  managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer (or any such person who does not have PAN).
  •  The document remains vital for tax assessment and is required for financial transactions such as opening bank accounts and filing of income tax returns (ITR).
  • The notification has made it mandatory for entities that have made financial transactions worth Rs 2.5 lakh or more in a financial year to apply for a PAN card.
  • Nangia Advisors LLP Partner Suraj Nangia told newswire PTI that resident entities shall have to obtain PAN even if the total sales/ turnover/ gross receipts are not or are not likely to exceed Rs 5 lakh in a financial year.
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    Income TaxIncome Tax DepartmentPANPAN cardPermanent Account Number

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