Home Income Tax Income Tax Department made changes in the PAN Card rule, know these...

Income Tax Department made changes in the PAN Card rule, know these rules

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To reduce tax evasion, the government is going to make some changes in the rules of PAN card from December 5. With this new change, it is now mandatory to create a PAN card for the organization having more than Rs. 2.5 lakhs business. According to the notification issued by the Central Board of Direct Taxes, the institution which has transactions exceeding Rs 2.5 lakh rupees has to apply for PAN card before 31st May next year.

In such a situation, they may have to face difficulties. The tax department has made another major change in the PAN card. Under this, people with single-parent will now have the option to not give their father’s name on the PAN card. Do not miss the name of your father on the PAN card, the freedom of the children whose father have either died or are living separately from his wife.

Under the new rules of PAN card, if any person trades more than Rs 2.5 lakh in a year, they also have to make a PAN card before May 31. Under the notification of the Income Tax Department, all the people who either have jobs or working separately as a managing director or director, partner, trustee, if they do not currently have PAN card, then it is compulsory to create PAN card before May 31.