• search

PAN mandatory for entities in transaction over Rs 2.5 lakh

By PTI
Subscribe to Oneindia News
For Quick Alerts
ALLOW NOTIFICATIONS
For Daily Alerts

    New Delhi, Feb 1: Seeking to widen the tax base, the Budget for 2018-19 provided for making PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more with effect from April 1.

    PAN mandatory for entities in transaction over Rs 2.5 lakh

    The 10-digit Permanent Account Number (PAN) would be used as Unique Entity Number for non-individuals, said the memorandum to the Finance Bill 2018.

    "It is proposed that every person, not being an individual, which enters into a financial transaction of an amount aggregating to Rs 2.50 lakh or more in a financial year shall be required to apply to the Assessing Officer for allotment of PAN," it said.

    Besides, in order to link the financial transactions with the natural persons, the Finance Bill has also proposed that the managing director, director, partner, trustee, CEO, founder or any person competent to act on behalf of such entities shall also apply to the Assessing Officer for allotment of PAN.

    PTI 

    For Breaking News from Oneindia
    Get instant news updates throughout the day.

    X
    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 Oneindia 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 Oneindia website. However, you can change your cookie settings at any time. Learn more