Budget 2018 amended Section 139A of the Income Tax Act making PAN mandatory for non-individuals such as Hindu Undivided Families (HUFs), Body of Individuals (BoI) and so on conducting transactions of Rs 2.5 lakh or above in a financial year. However, the amendment did not notify the last date to apply for a PAN in order to avoid penalty.
In order to rectify it, the tax department issued a notification to notify the last date such non-individuals must apply for PAN. The last date to apply for PAN in such cases is May 31 of the next financial year. Therefore, for transactions conducted in FY 2018-19, the last date to apply for PAN will be May 31, 2019.