New PAN Card Rules 2019 : Here's all you need to know about changes in IT rules that come into effect from today, Dec 5

According to CBDT, it is now mandatory for entities that have made financial transactions worth Rs 2.5 lakh or more in a financial year to apply for a PAN card. The application has to be filed on or before May 31 of the assessment year for which such income is assessable, the central tax body said.  

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Under the amended rules, quoting of father's name in PAN application forms will not be mandatory in cases where the mother of the applicant is a single parent. The application forms would give an option to the applicant as to whether the mother is a single parent and the applicant wishes to furnish the name of the mother only. Currently, furnishing father’s name is mandatory for the allotment of PAN.  

The amended Income Tax Rules, 1962, says: 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. 

The resident entities shall have to obtain PAN even if the total sales/ turnover/ gross receipts are not or are not likely to exceed Rs 5 lakh in a financial year. 

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, or any person competent to act on behalf of the person referred, who does not have a permanent account number, on or before the 31st May, must immediately apply for a PAN Card following the financial year in which the person referred enters into financial transaction.