INCOME TAX DEPARTMENT RECENTLY CHANGED THE PAN CARD RULES FROM 5TH DECEMBER

These rules are in order to prevent tax evasion
INCOME TAX DEPARTMENT RECENTLY CHANGED THE PAN CARD RULES FROM 5TH DECEMBER

Income tax department recently changed the rules of pan card to prevent tax evasion. The new rules will be applied from 5 December 2018.

The new rule has made it mandatory that the business with net turnover/gross income of up to 2.5 lakh per year to have a pan card.

"In excise of the powers conferred by section 139a read with section 295 of the income-tax 1961 the central board of direct taxes hereby makes the following rules further to amend the income-tax rules 1962"

These rules may be called the income tax rules 2018.

Five things about new pen card rules

1.    The income tax department had received several representations seeking relaxation in the rules regarding the father's name in the PAN application.

2.    According to the current rule father's name is mandatory for the allotment of PAN card.

3.    From 5 December the application forms will provide an option to the applicant as to whether the mother is a single parent and if the applicant wishes to fill the name of the mother only.

4.    The amended rules would bring relief to the applicants whose mother is a single parent.

5.    The IT rules for specifying the timeline for making an application for the allotment of PAN card by certain persons and issuance of PAN has also been amended. The application has to be filed on or before may 31 of the assessment year for which such income is assessable.

CBDT also said that father's name in permanent account number (PAN)( application forms would not be mandatory in certain cases.

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