1. A resident person other than an individual – such as Hindu Undivided Family, firm, charitable trusts, association of persons, body of individuals, a local authority or company – who enters into a financial transaction amounting to Rs 2.50 lakh or more in a financial year and who has not been allotted any PAN, shall apply for one by May 31 of the next financial year.
Analysis
Applicable only to Resident , Other Than Individual
Financial Transaction has not been defined under 139A The income Tax Act 1961 .
In general Parlance Financial Transaction is
“financial transaction” means making any payment to, or for the credit of any person, or receiving any payment for, by order or on behalf of any person, or drawing, issuing or negotiating any bill of exchange or promissory note, or transferring any security or acknowledging any debt. Fema Act ,1999.
Note : Here It is Referred ” A Financial Transaction ” Not Single Payment WRT To A Financial transaction “
2. A person, who is the
managing director,
director, partner,
trustee,
author,
founder,
karta
, chief executive officer,
principal officer
or office bearer
of the entities mentioned above or any person competent to act on behalf of such entities, and who has not been allotted any permanent account number, shall apply for one by May 31 of the financial year following the fiscal in which the specified entities enter into financial transaction worth Rs 2.50 lakh or more.
3. Mentioning father’s name in PAN card applications filed will not be mandatory for applicants whose mother is a single parent. Also, the revised application forms 49A (for Indians) and 49AA (for foreign nationals) will have the option for all applicants to choose whether they wish to have their father’s or mother’s name on their PAN cards. In case no option is selected in the PAN application form, the father’s name will be shown on the PAN card.
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