Each financial transaction requires PAN card

[Ishita Iyer]

The 10-digit Permanent Account Number (PAN) would be utilized as Unique Entity Number for non-people, said the notice to the Finance Bill 2018. "It is recommended that each person, not being a person, which goes into a budgetary exchange of a sum amassing to Rs 2.50 lakh or more in a monetary year will be required to apply to the Assessing Officer for allotment of PAN," it said. In addition, with the end goal to connect the budgetary exchanges with the normal persons, the Finance Bill has additionally recommended that the overseeing chief, executive, accomplice, trustee, CEO, author or any person competent to follow up for the benefit of such substances will likewise apply new PAN card.