Income Tax Department has made some important changes to PAN Card application form; click to know more
The Income Tax Department on Tuesday announced few changes to the application form for Permanent Account Number (PAN).
The Income Tax Department on Tuesday announced few changes to the application form for Permanent Account Number (PAN). The Central Board of Direct Taxes (CBDT), which is the apex body of Income Tax Department amended the income tax rules and said that quoting of father's name in Permanent Account Number (PAN) application forms would not be mandatory in certain cases, according to news agency Press Trust of India.
PAN is an identification number required for financial transactions like opening bank account and filing ITR. According to a new rule, it won't be neccessary for children with single mothers to fill father's name.
The new option would be given to the applicants from December 5, 2018. Besides, the authority agreed for the change after several representations seeking relaxation in the rules regarding father's name in the PAN card.
Furthermore, the IT rules for specifying the time-line for making an application for allotment of PAN by certain persons and issuance of PAN has also been amended. The application has to be filed on or before May 31 of the assessment year for which such income is assessable.