As per CBDT new rules, who should apply for PAN by May 31, 2019?

According to an amendment in Income Tax Rules, 1962, as notified by the Central Board of Direct Taxes (CBDT)on November 19, 2018 the rule states that any non-individual entities with a financial transaction of over Rs 2.5 lakh in the last financial year should necessarily have a PAN, and if not, then they have to apply one before May 31, 2019. This also includes person heading these entities like, managing director, director, partner, trustee, author, founder, Karta, chief executive officer, principal officer, office bearer, etc. are fall under this rule. The non-individual entities not complying to the rule will attract a penalty Rs. 10000 under section 272B (1) of the Income Tax Act.