12,224.55-127.8
Stock Analysis, IPO, Mutual Funds, Bonds & More

Father's name not mandatory for PAN application in case mother is single parent

Currently, furnishing father's name is mandatory for the allotment of Permanent Account Number (PAN).

PTI|
Updated: Nov 20, 2018, 07.19 PM IST
0Comments
Agencies
PAN Card
The new rules would come into effect from December 5.
NEW DELH: 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.

Also Read

Sebi invites applications for internship programme

IIT Madras invites applications for Fellowship programme 2020

Telcos file 5G trial applications

Infosys launches blockchain-powered distributed applications

Technical snag hits HDFC website and mobile application

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service