PAN or Permanent Account Number is the main document and ID, every business owner must have for various business related functions and compliance. However now government is in full swing to bring every business to have PAN compulsory.
Government has issued notification and from December 5, 2018 having a PAN will be compulsory for every business having gross receipts more than 2.5 lakhs.
This requirement is for every business other than an Individual. Now every business controlled by a Partnership Firm, Company, Karta or any other will have to get PAN to continue business after cross 2.5 lakh receipts.
Already PAN is made compulsory for various registrations. One have to compulsory get PAN for getting GST Registration.
Income Tax department has changed rules to prevent any tax leakage. Right now focus of department and government is to get more and more tax revenue.
These new rules will be applicable from December 5, 2018. One has to compulsory get PAN card before May 31, 2019 if his gross receipts are more than Rs. 2,50,000 in a financial year.
This rule is applicable to every resident who is not an individual. This will cover persons like company, trusts, firms, Karta of HUF, directors of companies etc.
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