Pan Card Rules Changed This Year Will Affect You Like This
Before the start of the new year, the magazine will tell you about the changes in the PAN card rules in the year 2018.
New Delhi. The full name of PAN card is Permanent Account Number, ie Permanent Account Number. Its main use is for paying taxes. Through the PAN card, the Income Tax Department links and monitors all the transactions done by a person so that tax evasion can be prevented. PAN card consists of a 10 digit number, which is determined by the Income Tax Department. This process comes under the Central Board of Direct Taxes (CBDT). Before the start of the new year, the magazine will tell you about the changes in the PAN card rules in the year 2018.
Just writing mother’s name is enough for PAN card application
In the year 2018, the Income Tax Department has done away with the requirement of giving father’s name in the Permanent Account Number (PAN) application in case of separation of father and mother of the applicant. The Income Tax Department, through a notification, amended the Income Tax Rules, according to which an option was introduced in the application form to allow the applicant to give the name of the mother in case of separation of parents. This rule came into effect from December 5.
Transgenders got their right
Apart from this, the most prominent change made by the department in the rules of PAN card is that the government gave their rights to transgenders. A separate column has been created for transgenders in the PAN card application form. In view of this, the Central Board of Direct Taxes (CBDT) had also issued notification under sections 139A and 295 of the Income Tax Act. The government had made a separate column for transgenders by amending the income tax rules. To ensure the identity of transgenders, independent gender column was introduced for them in the PAN card form. In fact, people of the transgender community had to face a lot of difficulty in getting a PAN card and this problem got deeper. That’s why the government took this big step.
PAN card will be ready in 4 hours
With this, now the PAN card will be ready in just 4 hours. For this, the tax department is going to take many reform measures. Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said at an event that the tax department has taken steps for technology improvement and automation in many areas. He said that the facility of issuing PAN in four hours would be started within a year.
PAN will have to be made for transactions above Rs 2.5 lakh
It has been made mandatory for any entity making transactions of Rs 2.5 lakh or more in a financial year. It was amended in section 139A of the Income Tax Act. Such entities will have to apply for PAN by May 31 of the next financial year. This move will help the Income Tax Department to keep a check on financial transactions. Apart from this, it will also help in expanding the scope of taxpayers and preventing tax evasion.
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