Do you know these 4 major changes related to the PAN card
Since the PAN card has been required by the government, its requirements are increasing day by day. Pan also shows your identity in India as well as in many financial tasks. Primarily, the Pan Tax Department helps identify the company that identifies the person or transaction, who can pay tax. After the announcement of 2019, these 4 essential changes related to the pan, which you should know about, let us know about this change-
Link to Pan from Base
If you have a PAN card and if you have an Aadhar Card or already have Aadhar Card, then you have to tell your Aadhaar Card number to the Income Tax Department. If you have not added your PAN card to the base then your PAN can be 'disabled'. Currently, Section 139AA (2) PAN cardholder, if the income tax department does not show its base, its PAN can be considered invalid.
The last date for linking the first base with PAN was 31 March 2019, after which the PAN is considered illegal. However, the date for linking PAN has now been increased to 30 September 2019. Currently, from September 1, the proposal has been proposed to replace 'illegal' with 'inactive' in the budget.
Relation of PAN and TDS
If you have hired a professional for your professional constructor, designer architect or your personal work for the construction of your house then according to the rules of the new PAN number, you have to cut the payment of that professional. Also, the deducted TDS will be deposited with the government using the PAN of that professional. Explain that currently, TDS deduction does not need to be deducted from any payment made to a professional for any of his personal work.
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Pan Essentials For These Things
Let us tell you that in certain cases, it is necessary to keep a pan, like if an individual's income is higher than the basic exemption limit, to file an ITR or to have a business turnover of more than Rs 5 lakhs. Those who do not come to this category are not required to keep a pan. At present, according to the government, it has been observed that in many cases like buying foreign currency, high-value transactions, and individuals taking out a huge amount from the bank, there is no PAN.
Therefore, to keep an audit trail of such transfers and to increase the tax base, in 2019 a proposal to include a new clause (vii) has been proposed in Section 139A (1). From this, it will be necessary for the person to have a PAN for doing some other fixed transactions.
Interchange options from PAN
It is necessary to link the PAN to the ITR, but in the budget it has been said that now any person can use his base instead of PAN. That is, i you need to fill the PAN number, but if you do not have a PAN, then you can use the base instead of the PAN. The budget was announced in 2019 that those who do not have PAN now can fill income tax returns through base e. So far PAN and Aadhar number were both essential for fulfilling. Let the pan and base be interchangeable.
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