New PAN card norms with effect from 5 December 2018..!
In an attempt to prevent
tax evasion, the Income Tax department has changed PAN card rules with
effect from 5 December making it mandatory for all entities doing
business worth over ₹2.5 lakh in a financial year to have a Permanent
Account Number. The Central Board of Direct Taxes (CBDT) through a
notification amended the rules and said the application forms would also
give an option to the applicant to state whether his or her mother is a
single parent or if the applicant wishes to furnish the name of mother
only. Currently, furnishing father’s name is mandatory for the allotment
of Permanent Account Number (PAN).
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