Allotment of a Permanent Account Number in Form No.49-A before the 31st May, 1976. - Income Tax - 955/CBDT

INSTRUCTION NO. 955/CBDT Dated : June 1, 1976 Section(s) Referred: 139A ,114 Statute: Income - Tax Act, 1961 Under Section 139A which was inserted by the Taxation Laws(Amendment) Act, 1975 with effect from 1st April, 1976 all persons specified in sub-sections (1) and (2) are required to apply to the Income-tax Officer for the allotment of a Permanent Account Number. Rule 114 of the Income-tax Rules, 1962 prescribes that the application for the allotment of a PAN shall be made in Form No.49-A before the 31st May, 1976. 2. A number of representations have been received from various Bar Associations and Public bodies, requesting that the time for filing form No.49-A may be extended. Since the provisions of Section 139A have been brought into force for the first time during the current assessment year, it is quite likely that the implications of this provision might not have been realised by the public. 3. It has, therefore, been decided that penal action under Section 272B should not be initiated for default of the provisions of Section 139A in cases where applications for allotment of Permanent Account Numbers in the prescribed form are made by 31st July 1976.