Ministry of Finance Has Issued Income Tax (5th Amendment) Rules 2020

Ministry of Finance Has Issued Income Tax (5th Amendment) Rules 2020

Central Board of Direct Taxes (Ministry of Finance) Government of India has issued new Income Tax (5th Amendment) Rules 2020.

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The Government brings some changes in existing  Income-tax Act, 1961.

Government has made some addition in the Income-tax Rules, 1962. As per new rules, Where a person, who has been allotted the Permanent Account Number (PAN) as on the 1st day of July, 2017 and is required to intimate his Aadhaar number under sub-section (2) of section 139AA, has failed to intimate the same on or before the 31st day of March, 2020, the permanent account number of such person shall become inoperative immediately after the said date for the purposes of furnishing, intimating or quoting under the Act.

Where a person, whose permanent account number has become inoperative under sub-rule (1), is required to furnish, intimate or quote his Permanent Account Number (PAN) under the Act, it shall be deemed that he has not furnished, intimated or quoted the permanent account number, as the case may be, in accordance with the provisions of the Act, and he shall be liable for all the consequences under the Act for not furnishing, intimating or quoting the permanent account number.

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