Connect with us

Business

New PAN card rules to come into effect from 5 December

Published

5 years ago

on

PAN card, New rules of PAN card, Income Tax Department, PAN card rules, Business news

New Delhi: The Income Tax Department recently changed the PAN card rules in order to prevent tax evasion. The new rules will come into effect from December 5, 2018.

The new rule has made it mandatory for all businesses with a net turnover/gross income of up to Rs 2.5 lakh per year to have a PAN.

 

PAN card, New rules of PAN card, Income Tax Department, PAN card rules, Business news

 

According to CBDT circular said, “In exercise of the powers conferred by section 139A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Boar d of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962.”

“These rules may be called the Income-tax (Twelfth Amendment) Rules, 2018,” it added.

 

New rules for PAN Card will come into effect from December 5:

 

Here are five things to know about new PAN card rules:

* The Income Tax department had received several representations seeking relaxation in the rules regarding the father’s name in the PAN application.

* According to the current rule, furnishing the father’s name is mandatory for the allotment of PAN.

* Beginning December 5, the application forms will provide an option to the applicant as to whether the mother is a single parent and if the applicant wishes to furnish the name of the mother only.

 

PAN card, New rules of PAN card, Income Tax Department, PAN card rules, Business news

 

* The amended rules would bring relief to the applicants whose mother is a single parent.

* The IT rules for specifying the timeline for making an application for allotment of PAN by certain persons and issuance of PAN has also been amended. The application has to be filed on or before May 31 of the assessment year for which such income is assessable.

* CBDT also said that father’s name in Permanent Account Number (PAN) application forms would not be mandatory in certain cases.

 

Related Topics:
Continue Reading

Business

Apple is giving a huge discount on its gadgets: Details inside

Published

2 years ago

on

May 5, 2022

By

If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

Continue Reading

Trending