Central Board of Direct Taxes (CBDT) has released draft Notification which proposes to amend Rule 114 of Income-tax Rules, 1962 and Permanent Account Number(PAN) application Forms, i.e., (49A & 49AA).
The Government has invited comments and suggestions from the stakeholders and general public, if any, on the Draft Rules, which may be sent electronically by 17th September, 2018 at the email address, ts.mapwal@nic.in.
The Draft Rules propose the following amendments–
1) In the case of a non-individual resident person entering into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year shall be required to obtain PAN on or before the 31st day of May, immediately following the financial year in which such transaction is entered into;
2) In the case of a person, who is the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in clause (v) sub-section (1) of section 139A of the Income Tax Act or any person competent to act on behalf of the person referred to in clause (vi) sub-section (1) of section 139A of the Income Tax Act shall be required to obtain PAN on or before the 31st day of May, immediately following the financial year in which such transaction is entered into;
3) It has also being proposed that the Father’s name shall not be mandatory in PAN application forms where mother is single parent.
For further details please refer the attached document.
Source: Central Board of Direct Taxes
