PAN card rules to change from this Wednesday. List of new amendments in Income Tax Rules, 1962
The government has amended Income Tax Rules, 1962, and has inserted new clauses. According to the new rules, having a PAN card is mandatory for all entities doing business of at least ₹2.5 lakh. The second amendment allows those with single mothers to not mention their father's name in PAN card application forms.
New Delhi: PAN card rules will no more be the same from this Wednesday as the Income Tax department has brought in some important changes aimed at preventing tax evasion and allowing new PAN card applicants greater flexibility. According to a notification issued by the finance ministry on November 19, the new amendment to Income Tax Rules, 1962, will come into force from December 5.