New Delhi: There will be changes in PAN card related rules next month. The Income Tax department has prepared a set of rules ranging from page to page. The new rule will be implemented from December 5, 2018. According to the new rule, financial institutions that carry out debt of 2.5 lakhs or more in the current financial year. The page number will be compulsory for them. According to the Central Board of Direct Taxes (CBDT) in its one week last week, if a person conducts an amount of 2.50 lakh rupees or more in the financial year, then he has to give an application before May 31, 2019.
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This change will come in the page
If a person is an administrative manager, administrator, partner, trustee, writer, founder, doctrine, chief executive officer (CEO), chief officer or officer, and if he does not have the PAN, then he will have to apply for PAN by May 31, 2019.
According to the new rules, now the residential organizations should take PAN numbers, whose total sale, turnover or current receipt for the current financial year is not more than Rs. 5 lakhs. Tax experts say that this will facilitate the income tax division to monitor financial transactions. So that the tax evasion can help prevent tax evasion and increase the tax base.
The Income Tax department also announced to make some changes to the PAN card filled form. Which will be researched in the tax laws. According to the NDTV news, the father's name will not be compulsory on the PAN card in a particular condition
The CBDT notification said that the name of the father on the card is not compulsory for those people whose mother is in the form of a compulsion of both their mother and father. PAN is an identity provided by the Income Tax department in the country. The requirement is to open a financial account such as opening a bank account and paying income tax,
Taxpayers still less
The number of taxpayers in the country with an estimated population of 1.35 billion is very low. In the current year, it is found to be a bit bullish. The number of tax returns in India was approximately 3.80 crore in 2014. This has reached 6.86 crore in 2017 last year. Hope is being expressed. This figure can reach 7.6 or 7.5 in the next year. The increase in the number of real taxpayers according to the government is the best way to control black money.