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Income Tax Department changed the PAN number criterion for businesses from December 5, 2018

in Business November 22, 2018 Comments Off on Income Tax Department changed the PAN number criterion for businesses from December 5, 2018 1,067 Views

New Delhi:22/11/18: The Income Tax Department on Wednesday changed the permanent account number (PAN) criterion for businesses with effect from  December 5, 2018 thereby making it compulsory for all business entities with a turnover worth more than Rs 2.5 lakh in a financial year to have a PAN.

A new circular issued by the Central Board of Direct Taxes, the apex body of the Income Tax (IT) department all non-individual businesses must apply for PAN on or before May 31 of the financial year next to the one in which they have done financial transactions of at least Rs 2.5 lakh.

Earlier the businesses required to apply for the PAN only if their turnover crossed Rs 5 lakh during the financial year, an I-T department notification stated.

Even as the new norm excludes individual taxpayers, managing director, director, partner, trustee, author, founder, karta, chief executive officer or office-bearer and other such individuals of shell companies also need to apply for a PAN card, in case they don’t have one within the stipulated time.

Sources said the new rule will help income tax department track financial transactions, broaden the tax base and prevent tax evasion.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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