The Income tax department has issued a draft notification on 31st August 2018 proposing amendments in rule 114 of the income tax rules and Permanent Account Number application forms.
It has been proposed that father’s name shall not be mandatory in PAN application forms, where the mother is the single parent, and amendment in PAN application form is proposed.
Vide Finance Act 2018, Sec 139A has been amended to provide for the allotment of PAN to every resident person, other than an individual, which enters into a financial transaction of an amount aggregating to two lakhs fifty thousand rupees or more in a financial year.
The rule 114 of the income tax rules is proposed to be amended to provide timeline by which a person referred Under Sec 139A (1)(v) or 139(1)(vi) may apply for allotment of PAN further amendment in rule 114 is proposed to empower principal director general of income tax (systems to specify the manner in which PAN shall be issued).
CBDT has proposed to amend timeline for PAN application/ allotment in the case of persons making financial transactions above the threshold of Rs. 2.5 lacs, u/s 139A.
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