IT Department Releases New Pan Card Rules that is going to be Applicable from December 5, 2018. According to the new PAN Card rules, if someone makes a transaction of at least Rs. 2.5 Lakh rupee in a financial year, a PAN card is necessary. This rule not only applies to a person but it is also applicable to an organization and so on. If anyone falls under this category, a PAN card must be made until May 31, 2019.
Respectable persons from our society like Managing Director, Editor, Founder, Principal, CEO all must have a PAN Card til May 31, 2019.
IT Department has also made certain changes in the PAN Card application form. For example, In the new PAN Card application form, to include your’s father name is not mandatory. This is applicable to that person who has a mother as their single parent or Guardian.
Note that PAN Card is a document which provides you an identification number if you submit tax for your country. However, this identification number is valid at several places that ask you for your Identity card. Some of these places are while you opening a bank account or somewhere you have present your Identity.