Direct Tax

Foreign directors in Indian Company – Requirement of obtaining Permanent Account Number:

Section 139A of The Indian Income Tax Act specifies the list of persons who are required to obtain Permanent Account Number (PAN card) within the prescribed time limits.

Finance Act, 2018 has introduced clause (v) and (vi) to sub-section (1) to Section 139(1) to include the following categories of persons who are also now required to obtain their PAN card.

1. Every resident, other than individual, which enters into a financial transaction of an amount aggregating to Rs. 250,000/- or more in a financial year.

1. Every person who is a Managing Director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in above clause or any person competent to act on behalf of the person referred to in above clause.