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Change the PAN Card Rules - Check out the latest revised rules

The Modi government had amended the provisions related to PAN card in the Union Budget 2018 and also expanded the scope of those people, which would be essential to obtain PAN (Permanent Account N umber).
Change the PAN Card Rules - Check out the latest revised rules
change pan card rule

According to the revised provisions, one resident (other than one person)
Rs. In a financial year The person entering the financial transaction of 250,000 or more is compulsory to receive and receive PAN cards. It brought entities such as companies, partnerships, LLPs, trusts, etc. within the scope of the pan, subject to the financial transaction limits.

"Extended provisions have made pan mandatory for major managerial personnel in such resident institutions, such as managing directors, directors, directors, partners, trustees, writers, founders, performers, chief executives, chief officers or office-bearers. That has been mentioned above. Such personnel also have to apply for the PAN (if not already assigned) within the stipulated time frame. However, the timeframe within which the resident institutions or its major personnel had to apply the PAN was not determined, "All-Moonlight, Director-Tax, Grant Thornton India LLP.

1. The Government has recently revised the rules in which it is necessary for such resident entities or key personnel to apply for permanent account N umber. The new 'Pan Rules', as stated in the colloquial, have come into effect from 5th December, 2018.

Soon after entering the financial transaction, the resident entities have to submit PAN application on May 31 or earlier. For example, in the case of financial transactions registered in the financial year 2018-19, the application should be filed on or before May 31, 2019.

2. The Chief Managerial Personnel, Managing Director, Director, Director, Trustee, Author, Founder, Actor, Chief Executive Officer, Chief Officer or the Officers of the Institutions, as mentioned above, will also need to apply within the PAN . The timeline applicable to the resident unit in which they hold such condition.

However, it can be noted that the provisions relating to PAN do not define the type of 'financial transactions' which are covered for this purpose and a clarity will be welcomed in this respect. Apart from this, it is important to keep in mind that major managerial personnel implementing these provisions do not have to be resident. Therefore, an indigenous person, who is a leading managerial person in any covered residential unit, will now be required to apply for PAN in India, "indicates sandal.

3. In addition to the above amendment, the Tax Department has made some changes in the PAN form. This involves the need to quote the father's name in the PAN applications, where the applicant's mother is a single parent. Presently, it is compulsory to submit the name of father to submit application for PAN card. This was a long pending request which the government eventually accepted.

These PAN rules have come into effect from 5th December, 2018.

4. In addition to the above rules, during the previous year some other PAN card rules have also been introduced by the government. For example, the Central Board of Direct Taxes (CBDT) added another option (i.e. 'transgender') in the Gender column of Form 49A / 49AA (for PAN application), which is for the individual applicants 'old and old' options Was against. Income-tax (Fourth Amendment) Rules, 2018 Notification No. 18/2018, dated 9th April, 2018 Thus, in order to promote equal rights for every citizen, in the PAN application form, there is now the option of transgender, in addition to male and female. .

"The new pan card rules are expected to widen the tax base and help the government and tax authorities to control more entrenched entities entering financial transactions above the specified limits and to take advantage of legislative flaws."

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