The 10-digit Permanent Account Number (PAN) would be used as Unique Entity Number for non-individuals.
Seeking to widen the tax base, the Budget for 2018-19 today provided for making PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more with effect from April 1.
The 10-digit Permanent Account Number (PAN) would be used as Unique Entity Number for non-individuals, said the memorandum to the Finance Bill 2018.
"It is proposed that every person, not being an individual, which enters into a financial transaction of an amount aggregating to Rs 2.50 lakh or more in a financial year shall be required to apply to the Assessing Officer for allotment of PAN," it said.
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