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PAN card new rules to be implemented by Dec 5, details here!

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The importance of owning a PAN card is familiar to all specially to all the students appearing for competitive exams and entrance exams but there are certain amendments that is needed and also the Central Board of Direct Taxes will be making the following rules to further amend the Income-Tax Rules, 1962.

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CBDT circular stated: “In exercise of the powers conferred by section 139A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Boar d of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962. These rules may be called the Income-tax (Twelfth Amendment) Rules, 2018.”

Check out few things to know about new PAN card rules:-

1. The Income Tax department had received several representations seeking relaxation in the rules regarding the father’s name in the PAN application.

2. According to the current rule, furnishing the father’s name is mandatory for the allotment of PAN.

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3. Beginning December 5, the application forms will provide an option to the applicant as to whether the mother is a single parent and if the applicant wishes to furnish the name of the mother only.

4. The amended rules would bring relief to the applicants whose mother is a single parent.

5. The IT rules for specifying the timeline for making an application for allotment of PAN by certain persons and issuance of PAN has also been amended. The application has to be filed on or before May 31 of the assessment year for which such income is assessable.

CBDT also said that father’s name in Permanent Account Number (PAN) application forms would not be mandatory in certain cases.

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