Section 139A, inter alia, provides that every person specified therein and who has not been allotted a permanent account number (PAN) shall apply to the Assessing Officer for allotment of a PAN. The following amendments have been made (with effect from April 1, 2018) to the scheme of section 139A —
1. Every person (not being an individual) which enters into a financial transaction of an amount aggregating to Rs. 2,50,000 or more in a financial year shall be required to apply to the Assessing Officer for allotment of PAN.
2. The managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer or any person competent to act on behalf of such entities shall also apply to the Assessing Officer for allotment of PAN.
3. The definition of “permanent account number under the new series” has been modified. After the modification, PAN may be issued in the form of a laminated card (or otherwise).