Transactions of more than Rs 2 lakh would require payer’s PAN from January 1
Advertisement
Advertisement
As per a notification issued by the This step has been taken to make the budget proposal effective and to check the domestic black money. The rules for PAN requirement for other transactions have been modified as well.
Earlier, for the sale or purchase of immovable property, the monetary limits for quoting PAN was Rs 5 lakh, which has been raised to Rs 10 lakh. In case of one-time payment of hotel or restaurant bills, the limit has been raised to Rs 50,000 from Rs 25,000. For purchase or sale of shares of an unlisted company, the limit of Rs 50,000 has been raised to Rs 1 lakh.
"Quoting of PAN is being made mandatory for any purchase or sale exceeding the value of Rs1 lakh," Finance Minister Arun Jaitley had said in his budget speech.
"Considering the representations, it has been decided that quoting of PAN will be required for transactions of an amount exceeding Rs.2 lakh regardless of the mode of payment," a statement from Finance Ministry read.
Advertisement
The statement also said that people who do not hold PAN cards would be required to fill a form and furnish any one of the specified documents so that their identity can be established.
These new rules will be effective from January 1, 2016.
"The above changes in the rules are expected to be useful in widening the tax net by non-intrusive methods. They are also expected to help in curbing black money and move towards a cashless economy," the statement said.
Image source
Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- Deloitte projects India's FY25 GDP growth at 6.6%
- Italian PM Meloni invites PM Modi to G7 Summit Outreach Session in June
- Markets rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
- Sustainable Waste Disposal
- RBI announces auction sale of Govt. securities of ₹32,000 crore