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Amendment of Rules regarding quoting of PAN for specified transactions to come into force from 1st January 2016

News and Press Release - Dated:- 1-1-2016 - 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, it is mandatory under Rule 114B of the Income-tax Rules to quote PAN where the transactions exceed a specified limit. In case of transactions of sale or purchase of goods and services, PAN will be required to be quoted, irrespective of the mode of payment if .....

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