New Permanent Account Number (PAN) card rules issued by the Department of Revenue have been implemented starting Wednesday (December 5) for allowing flexibility to new taxpayers and to check tax evasion.
The changes in the Income Tax Rules, 1962 have already been notified by the Central Board of Direct Taxes (CBDT) via a notification on November 19, 2018. You can apply new pan card here.
Under the new PAN card rules, mentioning father’s name in the application forms will not be mandatory for select applicants who only have their mother as a parent.
The revised PAN card application forms 49A for Indians and 49AA for foreign nationals will allow applicants to choose whether they want to use their mother’s or father’s name on PAN cards. In the event where an applicant does not select an option, the father’s name will be selected by default as per guidelines under new PAN card rules.
Any residents other than individuals who fall under Hindu Undivided Family (HUF), firm, charitable trusts, association of persons, body of individuals and local authority or company who conduct transactions amounting to Rs 2.50 lakh or more in a single financial year, have to apply for a PAN by May 31 next year, if they have not already applied already. This rule is being implemented to check tax evasion at a lower level.
An individual who holds the post of a managing director, director, partner, trustee, author, founder, CEO, principal officer will have to get a PAN card by March 31 next year, if they do not have one already.