For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Who Needs To Apply For PAN Before The Deadline Of 31 May?

|

Back in 2018, an amendment was made to section 139A of the Income Tax Act, that non-individual entities who have conducted financial transactions worth more than Rs 2.5 lakh in a financial year, will have to apply for a PAN by 31 May of the relevant assessment year. This includes individuals who manage accounts for these non-individual entities as well.

Who Needs To Apply For PAN Before The Deadline Of 31 May?
 

In line with the amendment that came into force by the Finance Act 2018, the CBDT (Central Board of Direct Taxes) in its notification dated 5 December 2018 set the aforesaid date of 31 May 2019 for the transactions taken place in fiscal year 2018-19.

Under the section 139A, a liable entity or person who needs to comply is, "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; or 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) or any person competent to act on behalf of the person referred to in clause (v)."

A penalty will be imposed on those who fail to comply. The penalty for non-compliance is as high as Rs 10,000.

GoodReturns.in

Read more about: pan
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more