New Delhi: PAN agenda rules will no added be the aforementioned from this Wednesday as the Assets Tax administration has brought in some important changes aimed at preventing tax artifice and acceptance new PAN agenda applicants greater flexibility. According to a notification issued by the accounts admiral on November 19, the new alteration to Assets Tax Rules, 1962, will appear into force from December 5.
According to the new rules, it will now be compulsatory for all entities accomplishing business account at atomic ₹ 2.5 lakh in a banking year to get a PAN agenda till 31st May of the abutting banking year.
All you charge to apperceive about changes in PAN agenda rules:
1. It will be compulsatory for all entities accomplishing banking affairs of added than ₹ 2.5 lakh to get a Permanent Account Number from December 5. This is apparent as a footfall appear preventing tax artifice in abate business entities.
2. The aphorism may administer to alone taxpayers additionally but alone if they are associated with such entities in the accommodation of a managing director, director, partner, trustee, author, founder, karta, arch controlling officer, arch administrator or office-bearer or any being competent to act on account of the entity. In case such individuals do not accept PAN, they are declared to get one aural 31st May of the abutting banking year.
Read: How to administer for PAN agenda online application Aadhaar
3. Tax experts say so far citizen entities were asked to access PAN alike if the absolute sales or about-face or gross receipts are not or are not acceptable to beat ₹ 5 lakh in a banking year. The new aphorism is meant to advice the assets tax administration clue banking transactions, augment the tax abject and anticipate tax evasion.
4. The added important alteration in the aphorism is meant for those whose mother is a distinct parent. Such PAN agenda applicants will no best be asked to accouter father’s name. Till now, advertence father’s name is binding in PAN agenda applications. Applicants, however, had the abandon to accept whose name they appetite printed on the PAN agenda — father’s or mother’s.
5. The additional alteration is meant to abode the apropos of those PAN agenda applicants whose fathers are either conflicting or dead.
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