(1)Every person who has not been allotted a Permanent Account Number shall, within such time as may be prescribed, apply to the Assessing Officer for its allotment if he fulfils any of the following conditions:—(a)his total income or the total income of any other person for which he is assessable under this Act during any tax year exceeded the maximum amount not chargeable to income-tax; or(b)he is carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed ₹ 500000 in any tax year; or(c)he is required to furnish a return of income under section 263 for any tax year;(d)he is a resident, other than an individual, which enters into a financial transaction aggregating to ₹ 250000 or more in a tax year; or(e)he is the managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in clause (d) or any person competent to act on behalf of the person referred to in clause (d); or(f)he intends to enter into such transaction as may be prescribed by the Board in the interest of revenue.
