The income tax department has brought in some changes regarding the Permanent Account Number (PAN).
Now, father’s name is not mandatory while filling up the form.
This rule will be applicable if the mother of the applicant is a single parent. The application form will now give the applicant an option as to whether the mother is a single parent and the applicant wishes to furnish the name of only his mother.
The Central Board of Direct Taxes has amended the income tax rules related to it.
Also, after amendment in the Section 139A of the Income Tax Act, it is now mandatory for non-individuals conducting transactions above Rs 2.5 lakhs in a year to get PAN. This rule will come into effect from next fiscal year.
An individual who is the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer or any person competent to act on behalf of the non-individual (who conducts the transaction of Rs 2.5 lakh or above in a single financial year) and has not been allotted any PAN, will also be required to apply for PAN on or before May 31 of the following financial year.
The Government also plans to bring in a mechanism through which PAN card will be issued in just four hours.