Corporate India Blog - Mandatory PAN Requirement under section 139A of Income Tax Act 1961 Today in our quick read blog (No. 02/2020-21), we have presented an outlook on amendment to Section 139A of the Income Tax Act (as amended vide the Finance Act 2018). Vide this amendment, directors (including Managing Director), partner, trustee, author, founder, karta, chief executive officer (CEO), principal officer, officer bearer of company or firm and any other person competent to act on behalf of company or the firm, are required to obtain Permanent Account Number (PAN) on or before the 31st day of May immediately following the financial year in which the applicant enters into financial transaction of more than INR 250,000. In light of the above changes, the obligation to obtain PAN is not only restricted to Directors, but is even extended as a mandatory requirement to the following class of person(s): Founder of company/firm Chief Executive Officer Principal Officer / Officer bearer Any pe...