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The Income Tax Department recently changed the PAN (permanent account number) card rules in order to prevent tax evasion. On 19th November 2018 the Central Board of Direct Taxes (CBDT) had issued a notification stating that the Income Tax Rules, 1962, has been amended with effect from December 5.
The new PAN card rules, to come into effect from December 5, 2018, require financial entities which make transactions worth Rs. 2.5 lakh or more in a financial year to apply for a PAN card, the Central Board of Direct Taxes (CBDT). A person other than an individual, who enters into a financial transaction of an amount of Rs. 2.50 lakh or more in a financial year, also needs to apply for a PAN card on or before the May 31, 2019
Things to know about new PAN card rules