PAN card 3 new effective rules from today

3 new PAN rules to be effective from today; Here’s all you need to know


Application for PAN is to be made in Form 49A for Indian nationals and Form 49AA for foreign nationals. The recent decision of the Honourable Supreme Court also confirms that Aadhaar is mandatory for filing of ITR and allotment of PAN. Form 49A, therefore, requires one to furnish the Aadhaar number/ Enrolment ID of an Aadhaar application. It is essential for one to link their Aadhaar with PAN as this facilitates e-verification of the tax return filed through a simple online process. Foreign nationals, non-resident individuals as per the Indian tax laws, super senior citizens, individuals residing in the states of Jammu & Kashmir, Assam and Meghalaya are not required to quote Aadhaar in the PAN application form and the tax return.


Permanent Account Number (PAN) is the tax identification number mandatory for filing income tax returns (ITR) and can be applied either online or offline. Quoting of PAN is also mandatory for transactions such as opening of a bank account, depositing cash exceeding Rs 50,000 into a bank account, opening a demat account, investment in shares/ mutual funds, and immovable property transactions.


The amendment also mandates that a resident person other than an individual, (e.g., Hindu Undivided family, firm, charitable trusts, association of persons, body of individuals, a local authority, company), who enters into a financial transaction of an amount aggregating to Rs 250,000 or more in a financial year, shall apply for a PAN on or before 31 May of the immediately following financial year.

Currently furnishing of father’s name is mandatory in the PAN application form and this is printed on the PAN card. The amendment provides choice to the applicant on whether the name of father or mother needs to be displayed on the PAN card. Further, where the applicant’s mother is a single parent, quoting of father’s name in PAN application forms will not be mandatory.

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