Mumbai, November 20: The income tax department on Tuesday made the  quoting of father's name in PAN application forms non-mandatory. However,  this option will only be applicable in cases where the applicant's mother is a single parent. PAN Card Online: How To Apply For New PAN Card, Make Corrections, Track & Download it Free at onlineservices.nsdl.com.

A notification amended by the Central Board of Direct Taxes (CBDT) through the income tax rules said that application forms will have the option where applicant will have the option to furnish the name of mother only, if the mother is the single child of the parent. How to Link Aadhaar Card to PAN Card in Easy Steps: Know Online and Offline Ways to Link PAN Number and Aadhaar Number.

As of now, furnishing father’s name is mandatory for the allotment of Permanent Account Number (PAN). The new rules will be effective from December 5.

The tax department, through the notification, has tried to address the concerns of those persons whose mother is a single parent and would want to get their mother’s name printed on PAN cards.

The notification has also made it mandatory for entities that have made financial transactions worth Rs 2.5 lakh or more in a financial year to apply for a PAN card. The application has to be filed on or before May 31 of the assessment year for which such income is assessable.

Nangia Advisors LLP Partner Suraj Nangia was quoted saying by news agency PTI that now, the resident entities shall have to obtain PAN even if the total sales/ turnover/ gross receipts are not or are not likely to exceed Rs 5 lakh in a financial year. (With Agency Inputs)

(The above story first appeared on LatestLY on Nov 21, 2018 12:01 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).