PAN mandatory for entities in transaction over Rs 2.5 lakh
New Delhi: Demanding to widen the tax base, the budget of 2018-19 estimates that arrangements have been made to make pan compulsory for any unit to enter financial transactions from April 1 to 2.5 lakh rupees or more. .
The 10-digit permanent account number (PAN) will be used as a unique entity number for non-individuals, the memorandum said to the Finance Bill 2018.
"It is proposed that every person is not a person, who enters the financial transactions of a sum of 2.50 lakh rupees or more in a financial year, he will have to apply to the appraisal officer for allotment of pan." .
In addition to connecting financial transactions with natural persons, the Finance Bill has also proposed that any person capable of working on behalf of Managing Director, Director, Partner, Trustee, CEO, Founder or such Institution The assessment officer will also apply for PAN allocation
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