New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

Purchase/ sale of any goods or services (including jewellery / bullion) exceeding ₹ 2 lakh per transaction will require quoting of PAN - List of various activities where PAN is mandatory and comparison with old provision - Rules regarding quoting of PAN for specified transactions amended

Dated:- 16-12-2015 - The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. Persons who do not hold PAN are required to fill a form and furnish any one of the specified documents to establish their identity. One of the recommendations of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

that quoting of PAN will be required for transactions of an amount exceeding ₹ 2 lakh regardless of the mode of payment. To bring a balance between burden of compliance on legitimate transactions and the need to capture information relating to transactions of higher value, the Government has also enhanced the monetary limits of certain transactions which require quoting of PAN. The monetary limits have now been raised to ₹ 10 lakh from ₹ 5 lakh for sale or purchase of immovabl .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

l take effect from 1st January, 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. A chart highlighting the key changes to Rule 114B of the Income-tax Act is attached. Sl. NATURE OF TRANSACTION MANDATORY QUOTING OF PAN (RULE 114B) Existing requirement New requirement 1. Immovable property Sale/ purchase valued at ₹ 5 lakh or more i. Sale/ .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s Bank Exceeding ₹ 50,000/- Discontinued 5. Sale or purchase of securities Contract for sale/purchase of a value exceeding ₹ 1 lakh No change 6. Opening an account (other than time deposit) with a banking company. All new accounts. i. Basic Savings Bank Deposit Account excluded (no PAN requirement for opening these accounts); ii. Co-operative banks also to comply 7. Installation of telephone/ cellphone connections All instances Discontinued 8. Hotel/restaurant bill(s) Exceeding ͅ .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version