Wednesday 19 February 2014

Update on PAN processing procedure

GKM would like to bring to your notice an important update on the changes that have been introduced in the PAN acceptance. The Central Board of Direct Taxes, Department of Revenue, Ministry of Finance has amended Rule 114(4) of the Income-tax Rules,1962 pertaining to acceptance of PAN applications w.e.f from 3rd February 2014.

Proof of Identity (POI) 
The list has been modified to have only those documents having photograph in case of individual/ Hindu Undivided Family (HUF) applicants.

Certain documents have been removed and certain new documents have been added in the list of documents provided under Rule 114(4).
Proof of Address (POA)
Certain documents have been removed and certain new documents have been added in the list of documents provided under Rule 114(4).

Validity period of certain documents has been revised from six months to three months.
Proof of Date of Birth (PODB): Earlier it was not collected from the applicant 
Individual and HUF applicants would also be required to provide Proof of Date Birth (PODB) in addition to the POI & POA documents. The list of documents to be submitted as PODB has been prescribed in the amended Rule 114(4).