income limit for pan card

GIRIRAJ (student) (36 Points)

20 March 2019

As the limit for tax increased to 5 lakhs for A.Y. 2019-20, do we need to apply for pan card above ₹ 2.5 lakhs or is it 5 lakhs?

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Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant ) (2476 Points)
Replied 20 March 2019

Yes, you have to apply for PAN card for above 2.5L since the basic exemption limit has been not increased.

Note that benefit of 5Lakh is through Rebate and not through Basic Exemption limit

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GIRIRAJ (student) (36 Points)
Replied 20 March 2019

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 20 March 2019

The said limit applicable from AY 20-21 (FY 19-20).

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