{"id":1331,"date":"2018-12-02T16:45:09","date_gmt":"2018-12-02T16:45:09","guid":{"rendered":"https:\/\/www.gstpractitioners.in\/?p=1331"},"modified":"2018-12-02T16:46:09","modified_gmt":"2018-12-02T16:46:09","slug":"know-new-pan-card-rules-to-come-into-effect-from-december-5","status":"publish","type":"post","link":"https:\/\/www.gstpractitioners.in\/blog\/know-new-pan-card-rules-to-come-into-effect-from-december-5\/","title":{"rendered":"Know New PAN Card Rules To Come Into Effect From December 5"},"content":{"rendered":"<div class='epvc-post-count'><span class='epvc-eye'><\/span>  <span class=\"epvc-count\"> 789<\/span><\/div><p class=\"mainimage_caption\" style=\"text-align: justify\">The new rules will become applicable from December 5, said the CBDT notification. The Income Tax Department has released a new set of rules for PAN (permanent account number) card applicants. The new PAN card rules, to come into\u00a0<a href=\"https:\/\/www.ndtv.com\/business\/income-tax-department-says-quoting-of-fathers-name-not-mandatory-in-pan-application-in-certain-cases-1950608\" target=\"_blank\" rel=\"noopener\">effect from December 5<\/a>, 2018, require financial entities which make transactions worth\u00a0<span class=\"rupee\">Rs.<\/span>\u00a02.5 lakh or more in a financial year to apply for a PAN card, the Central Board of Direct Taxes (CBDT). A person other than an individual, who enters into a financial transaction of an amount of\u00a0<span class=\"rupee\">Rs.<\/span>\u00a02.50 lakh or more in a financial year, also needs to apply for a PAN card on or before the May 31, 2019, said CBDT in a notification earlier this week.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-1332\" src=\"https:\/\/www.gstpractitioners.in\/wp-content\/uploads\/2018\/12\/pancard_660_082718012425-300x205.jpg\" alt=\"\" width=\"300\" height=\"205\" srcset=\"https:\/\/www.gstpractitioners.in\/blog\/wp-content\/uploads\/2018\/12\/pancard_660_082718012425-300x205.jpg 300w, https:\/\/www.gstpractitioners.in\/blog\/wp-content\/uploads\/2018\/12\/pancard_660_082718012425.jpg 660w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<div id=\"ins_storybody\" class=\"ins_storybody\">\n<p>The Income Tax Department also announced changes in the application form of a PAN card.<\/p>\n<p><strong>Here are five things to know about new PAN card rules:<\/strong><\/p>\n<p style=\"text-align: justify\">1. In case 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), he\/she will also be required to apply for PAN on or before May 31 of the following financial year, the notification said.<\/p>\n<p style=\"text-align: justify\">2 \u00a0With the new rules, resident entities will have to obtain PAN card even if the total sales, turnover or gross receipts are not likely to exceed\u00a0<span class=\"rupee\">Rs.<\/span>\u00a05 lakh in a financial year, said Suraj Nangia, Partner, Nangia Advisors LLP. &#8220;This will help the income tax department track financial transactions, broaden its tax base and prevent tax evasion&#8221;.<\/p>\n<p style=\"text-align: justify\">3. The Income Tax Department also announced certain changes to the application form for PAN. It amended the income tax rules and said that quoting of father&#8217;s name in PAN application forms would not be mandatory in certain cases.<\/p>\n<p style=\"text-align: justify\">4. The amended rules provide that furnishing of father&#8217;s name will not be mandatory for a person whose mother is a single parent. The new rules will become applicable from December 5, said the CBDT notification.<\/p>\n<p style=\"text-align: justify\">5. PAN is an identification number assigned to income tax assessees in the country. It is required for financial transactions such as opening of a bank account and filing of income tax returns (ITR).<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>789The new rules will become applicable from December 5, said the CBDT notification. The Income Tax Department has released a &#8230;. <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1331","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/1331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/comments?post=1331"}],"version-history":[{"count":2,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/1331\/revisions"}],"predecessor-version":[{"id":1334,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/1331\/revisions\/1334"}],"wp:attachment":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/media?parent=1331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/categories?post=1331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/tags?post=1331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}