Quoting the PAN is mandatory , However, application for allotment of PAN is required to be compulsorily made where total income of a person exceeds the maximum amount not chargeable to tax (Rs 2.5 lakh for an individual below 60 years) during any financial year or when the turnover of an entity carrying out business or profession is over Rs 5 lakh in a financial year.

Neha Malhotra , Executive Director with inputs from Vasudha Arora, Nangia & Co LLP contributed an article on Are you aware of these new PAN rules? All you need to know for Financial Express.