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Nov 22, 2018

PAN Deadline for non-individual doing Transaction Above 2.5 Lakh

Non-individual entities who have do not have PAN but conduct a transaction of Rs 2.5 lakh or more in a single financial year will now mandatory have to get a PAN before May 31 of the following financial year. This is as per a notification issued by the Income Tax Department dated November 19, 2018.

Full Notification is as follows about pan for non-individual is must 

In exercise of the powers conferred by section 139A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. Short, title and commencement.__(1) These rules may be called the Income–tax (Twelfth Amendment) Rules, 2018. (2) They shall come into force from the 5th day of December, 2018.

2. In the Income-tax Rules, 1962, __

(I) in rule 114,__

(A) in sub-rule (3), after clause (iv), the following clauses shall be inserted, namely:__

“(v) in the case of a person, being a resident, other than an individual, which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year and which has not been allotted any permanent account number, on or before the 31st day of May immediately following such financial year;

PAN Deadline for non-individual doing Transaction Above 2.5 Lakh

(vi) in the case of a person, who is the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in clause (v) or any person competent to act on behalf of the person referred to in clause (v) and who has not been allotted any permanent account number, on or before the 31st day of May immediately following the financial year in which the person referred to in clause (v) enters into financial transaction specified therein.”;

(B) in sub-rule (6),__

“(i) for the words, brackets and figures “under sub-rule (4) or intimation of Aadhaar number in subrule (5)”, the words, brackets and figures “under sub-rule (4), intimation of Aadhaar number in subrule (5) and issue of permanent account number” shall be substituted;

(ii) for the words “number and intimation of Aadhaar number”, the words “number, intimation of Aadhaar number and issue of permanent account number” shall be substituted.”;

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