42. Amendment of section 139A.
In section 139A of the Income-tax Act, in sub-section (1),-
(a) in clause (iv), the word “or” shall be inserted at the end;
(b) after clause (iv), the following clauses shall be inserted, namely:––
“(v) not being an individual, which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year; or
(vi) who is the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in clause (v) or any person competent to act on behalf of the person referred to in clause (v),”.
Notes on Clauses:
Clause 42 of the Bill seeks to amend section 139A of the Incometax Act relating to permanent account number.
Sub-section (1) of the said section, inter alia, provides that every person specified therein and who has not been allotted a permanent account number shall apply to the Assessing Officer for allotment of a permanent account number.
It is proposed to insert a new clause (v) in the said sub-section so as to provide that every person, not being an individual, which enters into a financial transaction of an amount aggregating to two lakh fifty thousand rupees or more in a financial year shall apply to the Assessing Officer for allotment of a permanent account number.
It is further proposed to insert a new clause (vi) so as to provide that the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in clause (v), or any person competent to act on behalf of the person referred to in clause (v), shall also apply to the Assessing Officer for the allotment of permanent account number.
These amendments will take effect from 1st April, 2018.