The Income Tax Department has recently amended the PAN (permanent account number) card rules in order to prevent tax evasion. The new rules will come into effect from December 5, 2018. PAN will now be mandatory for financial entities which make transactions worth Rs. 2.5 lakh or more in a financial year. The amended rules also provide that furnishing of father's name will not be mandatory for a person whose mother is a single parent.
Here are 5 things to know about the new PAN card rules: