PAN requirement for non-individuals entering specified financial transactions; principal officers must obtain PAN under amended tax law. New clauses to section 139A(1) mandate that every non-individual entity with financial transactions aggregating to two lakh fifty thousand rupees or more in a year must apply to the Assessing Officer for a permanent account number, and that specified officeholders or persons competent to act for such entities (managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer) are also required to apply for PAN. The amendment takes effect from 1 April 2018.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
PAN requirement for non-individuals entering specified financial transactions; principal officers must obtain PAN under amended tax law.
New clauses to section 139A(1) mandate that every non-individual entity with financial transactions aggregating to two lakh fifty thousand rupees or more in a year must apply to the Assessing Officer for a permanent account number, and that specified officeholders or persons competent to act for such entities (managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer) are also required to apply for PAN. The amendment takes effect from 1 April 2018.
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