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Recent changes in PAN card rules

As per the amended provisions, a resident (other than an individual) which enters into a financial transaction aggregating to Rs 250,000 or more in a financial year is mandatorily required to apply for and obtain a PAN. The key managerial personnel, Managing Director, Director, Partner, etc. would also be required to apply for a PAN within the timeline as applicable to the resident entity in which they hold such position. The new PAN card rules are expected to widen the tax base and help the government and tax authorities to have more control on entities entering into financial transactions above the limit. 

Read More at The Financial Express News date : 3 Jan 2019, Thursday

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