Income–tax (Twelfth Amendment) Rules, 2018

Nov 20, 2018 | by Avantis RegTech Legal Research Team


The Central Board of Direct Taxes (CBDT), on November 19, 2018, has made Twelfth Amendment to the Income-tax Rules, 1962. The amendments shall come into force from December 05, 2018.

In the Income-tax Rules, 1962 the following amendments have been made:

(I) in Rule 114, which gives procedure for applying for allotment of a permanent account number,

(A)   in sub-rule (3), after clause (iv), the following clauses shall be inserted, namely:

“(v) 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;

(vi) 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 referred to in clause (v) or any person competent to act on behalf of the person referred to in clause (v) and who has not been allotted any permanent account number, on or before the 31st day of May immediately following the financial year in which the person referred to in clause (v) enters into financial transaction specified therein.”;

(B)   in sub-rule (6),

(i)      for the words, brackets and figures “under sub-rule (4) or intimation of Aadhaar number in sub-rule (5)”, the words, brackets and figures “under sub-rule (4), intimation of Aadhaar number in sub-rule (5) and issue of permanent account number” shall be substituted;

(ii)    for the words “number and intimation of Aadhaar number”, the words “number, intimation of Aadhaar number and issue of permanent account number” shall be substituted.”;

(II) in Appendix II, in Form number 49A and Form number 49AA, serial number 6 which gives details of Parents (applicable only for individual applicants) has been substituted. The new entry gives an option to the applicant apply for PAN by furnishing the name of your mother only in case the mother is a single parent.

 [G.S.R. 1128(E)]

URL: http://www.egazette.nic.in/WriteReadData/2018/193004.pdf


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