New PAN card rules come into effect from 5th December: 5 things to know

- November 24, 2018

New PAN card rules come into effect from 5th December: 5 things to know

New PAN card rules come into effect from 5th December: 5 things to know



The new Income Tax office notice says that people like the overseeing executive, chief, accomplice, trustee, creator, organizer, Karta, CEO or office-conveyor of such elements ought to likewise apply for a PAN card, in the event that they don't have one, inside 31 May of the following money related year.




New PAN card rules come into effect from 5th December: 5 things to know


New Delhi: To forestall tax avoidance, the Income Tax division has changed PAN card rules with impact from 5 December making it compulsory for all elements working together worth over Rs 2.5 lakh in a money-related year to have a Permanent Account Number. As per another notice issued by the Central Board of Direct Taxes, all substances which made budgetary exchanges of at any rate Rs 2.5 lakh in a monetary year must apply for a PAN card till May 31 of the following money related year.

5 things to think about new PAN card rules:

1. "On account of a man, being an occupant, other than a person, which goes into a money-related exchange of a sum amassing to two lakh fifty thousand rupees or more in a monetary year and which has not been allocated any perpetual record number, at the very latest the 31st day of May promptly following such budgetary year," says the new change in Income Tax Rules, 1962.

2. The new pay impose rule isn't intended for individual citizens who are not related to such substances.

New PAN card rules come into effect from 5th December: 5 things to know


3. The new I-T division warning likewise says that people like the overseeing chief, chief, accomplice, trustee, creator, originator, Karta, CEO or office-carrier of such substances ought to likewise apply for a PAN card, on the off chance that they don't have one, inside 31 May of the following money related year.

4. "On account of a man, who is the overseeing chief, executive, accomplice, trustee, writer, author, Karta, CEO, main officer or office-conveyor of the individual alluded to in statement (v) or any individual skillful to follow up for the benefit of the individual alluded to in provision (v) and who has not been allocated any changeless record number, prior to the 31st day of May instantly following the money related year in which the individual alluded to in proviso (v) goes into budgetary exchange indicated in that," peruses the alteration.

New PAN card rules come into effect from 5th December: 5 things to know






5. Nangia Advisors LLP Partner Suraj Nangia said that now inhabitant elements will need to acquire PAN regardless of whether the aggregate deals or turnover or gross receipts are not or are not liable to surpass Rs 5 lakh in a monetary year. "This will enable the salary to assess office track money related exchanges, expand the expense base and counteract tax avoidance," said the duty master.

Perused: How to apply for PAN card web based utilizing Aadhaar 

In another advancement, the Income Tax specialists have made it discretionary for individual citizens to give their dad's name in PAN card application shapes for those with single guardians. In the event that a PAN candidate's dad is expired or isolated, he or she can decide also father's name at all in the frame

New PAN card rules come into effect from 5th December: 5 things to know


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