PAN card alert: Applying for Permanent Account number? You may not have to do this anymore
At present, providing father's name in the PAN application Forms (Form No.49A and Form No.49AA) is mandatory, however, the applicant has been given an option to select the name of either father or mother, which the applicant may like to be printed on PAN card.
The Income Tax department today proposed to do away with the mandatory requirement of mentioning father's name while applying for a Permanent Account Number (PAN).
According to a draft notification, where the mother of a PAN applicant is a single parent, the individual would have to mention only the name of the mother.
At present, providing father's name in the PAN application Forms (Form No.49A and Form No.49AA) is mandatory, however, the applicant has been given an option to select the name of either father or mother, which the applicant may like to be printed on PAN card.
"In order to provide that father's name shall not be mandatory in PAN application forms, where the mother is the single parent, an amendment in PAN application forms is proposed to provide that ... Mentioning mother's name shall be mandatory in cases where father's name is not furnished and mother is the single parent," the CBDT said in a draft notification on which it has invited stakeholder comment by September 17.
The tax department is also proposing to empower Principal Director General or Director-General Income Tax to specify the manner in which PAN would be issued to an applicant.
Under the current norms, a PAN with 10 alphanumeric characters has to be issued in the form of a laminated card.
Watch Zee Business video here:
The draft notification also proses a timeline for applying for PAN card by entities entering into financial transactions of Rs 2.50 lakh or more in a financial year.
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
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
11:18 AM IST