PAN cards are required for a lot of other activities like opening of a bank account and as identity proof.
New Delhi: The Central Board of Direct Taxes (CBDT) through a notification has amended the income tax rules and said the new rules would come into effect from December 5.
PAN cards are mandatory for any transaction above Rs 2 lakh and for a lot of other activities like opening of a bank account and as identity proof.
“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,” CBDT circular said.
“These rules may be called the Income–tax (Twelf th Amendment) Rules, 2018,” it added.