Income Tax Dept does away with mandatory quoting of father’s name for PAN applications – All you need to know
Wednesday, November 21, 2018 IST
The income tax department Tuesday said quoting of father's name in PAN application forms will not be mandatory in cases where mother of the applicant is a single parent.
The income tax department Tuesday said quoting of father’s name in PAN application forms will not be mandatory in cases where mother of the applicant is a single parent. The Central Board of Direct Taxes (CBDT) through a notification amended the income tax rules and said the application forms would give an option to the applicant as to whether mother is a single parent and 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).
The new rules would come into effect from December 5.
Nangia Advisors LLP Partner Suraj Nangia said that through the notification, the tax department has addressed the concerns of those persons whose mother is a single parent and, hence, would want to get their mother’s name printed on PAN cards instead of the estranged/ deceased father.
The notification has also made it mandatory for entities that have made financial transactions worth Rs 2.5 lakh or more in a financial year to apply for a PAN card. The application has to be filed on or before May 31 of the assessment year for which such income is assessable.
Nangia said that now, the resident entities shall have to obtain PAN even if the total sales/ turnover/ gross receipts are not or are not likely to exceed Rs 5 lakh in a financial year.
“This will help the income tax department track financial transaction, broaden its tax base and prevent tax evasion,” Nangia added.
Related Topics
Related News & Articles
Nisar Ahmad is India’s most promising young athlete, rewriting the record books and training at the academy in Jamaica where Usain Bolt comes from
Recently posted . 1K views . 1 min read
In the main genuine confirmation of the effect of demonetisation on economy, information coming in on Thursday demonstrated a sharp drop in buyer buys in November, ...
Recently posted . 610 views . 43 min read
New Delhi: Taxpayers without Aadhaar number or its enrolment ID won't have the capacity to e-file their Income Tax returns (ITRs) from July 1 even as the tax of...
Recently posted . 730 views . 16 min read
Bharat 22 ETF new fund offer opened to retail investors on Wednesday for subscription. We bring to you 11 important things to know including how to invest and app...
Recently posted . 665 views . 3 min read
Last November, a Tsukuba Express conductor triggered a similar apology after he departed 20 seconds early
Recently posted . 629 views . 1 min read
Trending News & Articles
While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content.
...
Recently posted . 61K views . 1 min read
The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...
Recently posted . 8K views . 1 min read
Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million.
Rahul and his girl friend was th...
Recently posted . 7K views . 7 min read
True – Tr...
Recently posted . 6K views . 83 min read
More in National
Indian Railways is looking to construct a railway line between Rameswaram and Dhanushkodi (the starting point of Ram Setu), and a new Pamban bridge. Both the proj...
Recently posted. 1K views . 1 min read
A fisherman noticed eight terrorists come ashore near Badhwar Park in Mumbai while two went back into the sea. The other two attacked the Taj later.
Recently posted. 584 views . 1 min read
Vikram Bakshi, the alienated partner of McDonald’s, on Th aforementioned the 169 retailers he runs in north and East India can still operate beneath the Unite...
Recently posted. 841 views . 5 min read
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 2K views
Recently posted . 1K views
Recently posted . 1K views . 35 min read
Recently posted . 1K views . 34 min read
Indian Railways is in the final stages of diluting its flexi-fare scheme which was introduced in September 2016 - a move that will come as a big relief for passen...
Recently posted. 580 views . 2 min read
The statistics of the survey pointed to a paradigm shift when it comes to millennials, with 35 per cent of them preferring to get married in the city they live in...
Recently posted. 490 views . 1 min read