New changes in PAN requirements


CBDT has vide a circular amended the rules in relation to PAN requirements in India wef 05/12/2015.The details of the circular are as follows:

a) First requirement says that any entity other than an individual and who has not been allotted a PAN and who enters into a financial transaction for 2.50 lacs or more in any financial year shall apply for PAN on 31st May of the financial year immediately following such financial year

IMPACT and REQUIREMENT: there were many entities that were transacting in financial deals with no PAN .In this series were societies, NGOs, trusts and were evading taxes in long run .Now they will have to declare those transactions

b) This rule says that 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) (a point above) 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.

IMPACT and REQUIREMENT: This rule for the purpose of removing any confusion fixes the responsibility on the person who will apply for PAN

Please read circular here

How to obtain PAN

a) You can apply for PAN online here

b) Visit any TIN facilitation centres at NSDL or UTI.For a list of TIN centre visit here

c) Download PAN form and apply offline at any PAN centres.For PAN centre visit here


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