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of <h1>Finance Bill 2018 amends Income-tax Act: Entities, key officers must obtain PAN for transactions over INR 250,000.</h1> Clause 42 of the Finance Bill, 2018, amends section 139A of the Income-tax Act concerning the permanent account number (PAN). The amendment introduces clause (v), requiring entities, excluding individuals, conducting financial transactions of INR 250,000 or more in a financial year to apply for a PAN. Clause (vi) mandates that managing directors, directors, partners, trustees, and other key officers of such entities also apply for a PAN. These changes are effective from April 1, 2018, ensuring broader compliance with PAN requirements for significant financial transactions.
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