Transactions above Rs. 2 lakh need PAN from January 1
The government has made it mandatory to quote PAN (permanent account number) for all transactions in excess of Rs.2 lakh, regardless of the mode of payment, to curb black money.
The new rule, effective from January 1, will cover purchases of all goods or services, such as say gold jewellery or furniture, Revenue Secretary, Hasmukh Adhia told reporters. This includes all payments made through cash, cheques or debit or credit cards. In the case of immovable property, where quoting PAN is currently required for transactions of Rs.5 lakh, the government has decided to raise the monetary limits to Rs.10 lakh. It raised the monetary limit to Rs.50,000 from Rs.25,000 in the case of hotel or restaurant bills paid at any one time, and for bills on account of overseas travel. The limit is being raised to Rs.1 lakh from Rs.50,000 for purchase or sale of shares of an unlisted company. Read More