Income Tax Returns filing: PAN form changed by I-T Dept; Don't do this anymore
An identification number assigned to income tax assessees in the country, PAN is required for financial transactions like opening of a bank account and filing of income tax returns (ITR). The amended rules will provide that furnishing of father's name will not be mandatory for a person whose mother is a single parent a CBDT notification stated.
Income Tax Returns filing: The Central Board of Direct Taxes (CBDT), which is the apex policymaking body of Income Tax Department, has amended certain income tax rules stating that quoting of father's name in Permanent Account Number (PAN) application forms will no longer be mandatory in certain cases.
An identification number assigned to income tax assessees in the country, PAN is required for financial transactions like opening of a bank account and filing of income tax returns (ITR). The amended rules will provide that furnishing of father's name will not be mandatory for a person whose mother is a single parent a CBDT notification stated.
The new income tax rules will reportedly be applicable from December 5.
According to the new rules, the changes made to the PAN application form December 5 will give an option to the applicant as to whether mother is a single parent and the applicant wishes to furnish the name of mother only.
Notably, the income tax department had received several representations seeking relaxation in the rules regarding father's name in the PAN application. The amended rules will now give relief to the applicants whose mother is a single parent.
Such applicants will now have option to get their mother's name printed on PAN cards instead of the estranged or deceased father. So far, furnishing of father's name is mandatory for the allotment of PAN.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Tata Motors, Muthoot Finance and 3 more: Axis Direct recommends buying these stocks for 2 weeks; check targets, stop losses
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
03:12 PM IST