New Rules of PAN Cards

New Rules of PAN Cards

 Image of PAN Cards

Income tax rules have been amended by the Central Board of Direct Taxes and are likely to come into force December 5 onwards. CBDT said in a statement, “In exercise of the powers conferred by section 139A read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962.

It must be noted that the PAN card will be needed for transactions over Rs 2 Lakh, including a host of other activities such as opening a bank account etc.

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