New PAN card rule from Dec 5 pan card fees 2018

New PAN card rule from Dec 5; Here’s all you need to knowEdited By Odishatv Bureau | By Suryakant Jena on Nov 22, 2018 - 17:56:50

New PAN card rule from Dec 5 pan card fees 2018
Bhubaneswar / New Delhi: The Income Tax Department on Wednesday changed the permanent account number (PAN) criterion for businesses with effect from December 5, 2018 thereby making it mandatory for all business entities with a turnover worth more than Rs 2.5 lakh in a financial year to have a PANpan card fees 2018

A new circular issued by the Central Board of Direct Taxes, the apex body of the Income Tax Department (IT) department for all non-individual businesses should apply for PAN on or before May 31 of the financial year next to the one in which they have done Financial transactions of at least Rs. 2.5 lakhduplicate pan card online

Before the businesses are required for the PAN only if their turnover crossed Rs 5 lakh in the financial year, an I-T department notification said.pan card details

Even if the new norm excludes individual taxpayers, managing director, director, partner, trustee, author, founder, karta, chief executive officer or office-bearer and other such people of shell companies also need to apply for a PAN card, in case they do not have one in the stipulated time

Sources said the new rule will help income tax department track financial transactions, broaden the tax base and prevent tax evasion.

In another important development, the IT department has ruled that in the name of the PAN application form will not be 

compulsory in cases where mother of the applicant is a single parent (the applicant's father is dead or separated.) The new rule will also take effect in from 5 December

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