Pan card rules

3 NEW PAN RULES TO BE EFFECTIVE FROM TODAY; HERE’S ALL YOU NEED TO KNOW Permanent Account Number (PAN) is the tax identification number mandatory for filing income tax returns (ITR) and can be applied either online or offline. Quoting of PAN is also mandatory for transactions such as opening of a bank account, depositing cash exceeding Rs 50,000 into a bank account, opening a demat account, investment in shares/ mutual funds, and immovable property transactions. Application for PAN is to be made in Form 49A for Indian nationals and Form 49AA for foreign nationals. The recent decision of the Honourable Supreme Court also confirms that Aadhaar is mandatory for filing of ITR and allotment of PAN. Form 49A, therefore, requires one to furnish the Aadhaar number/ Enrolment ID of an Aadhaar application. It is essential for one to link their Aadhaar with PAN as this facilitates e-verification of the tax return filed through a simple online process. Foreign nationals, non-resident individuals as per the Indian tax laws, super senior citizens, individuals residing in the states of Jammu & Kashmir, Assam and Meghalaya are not required to quote Aadhaar in the PAN application form and the tax return. Some amendments to PAN application forms have been announced recently and shall be effective from 5 December 2018. Read more at www.starhealthdevarajan.com/news/676 www.licdevarajan.com for Insurance services, U can Call 98401 77017 Now