State persons who are required to apply for the allotment of PAN under section 139A(1) of the Income-tax Act, 1961. Mention the time limit for…

First Alternative As per section 139A(1), following persons are required to apply for the allotment of PAN within the specified time limit Persons required to apply for PAN Time limit for making such application (1) Every person, if his total income or the total income of any other person in respect of which he is assessable under the Act during any previous year exceeds the maximum amount which is not chargeable to income-tax. On or before 31 st May of the assessment year for which such income is assessable (2) Every person carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed 5lakhs in any previous year. Before the end of that financial year. (3) Every person being a resident, other than an individual, which enters into a financial transaction of an amount aggregating to 2,50,000 or more in a financial year. On or before 31 st May of the immediately following financial year. (4) Every person who is a managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of any person referred in (3) above or any person competent to act on behalf of such person referred in (3) above On or before 31 st May of the immediately following financial year in which the person referred in (3) enters into financial transaction specified therein. Every person who has not been allotted a PAN and intends to enter into the following prescribed transaction is also required to apply for PAN: (5) Every person, who intends to deposit cash in his one or more accounts with a banking company, co-operative bank or post office, if the cash deposit or the aggregate amount of cash deposit in such accounts during a financial year is 20lakh or more. At least 7 days before the date on which he intends to deposit cash over the specified limit, i.e.,20 lakh or more. (6) Every person, who intends to withdraw cash from his one or more accounts with a banking company, co-operative bank or post office, if the cash withdrawal or the aggregate amount of cash withdrawal from such accounts during a financial year is 20lakh or more. At least 7 days before the date on which he intends to withdraw cash over the specified limit, i.e.,20 lakh or more. (7) Any person, who intends to open a current account or cash credit account with a banking company or a co-operative bank, or a post Office. At least 7 days before the date on which he intends to open such account.