The Income Tax vide notification no. 82/2018 dtd. 19th November 2018 has done away with mandatory quoting of father’s name for PAN application. The notification also makes it mandatory for entities that have financial transactions exceeding INR 2.50 lacs in a financial year to apply for a PAN card. The notification also confirms that incase of a person being a managing director, director, partner, trustee, author, founder, karta, CEO, principal officer of the above mentioned entity shall also be required to apply for a PAN.
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