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PAN made mandatory for transactions over Rs.2 lakhs

| | Dec 16, 2015, at 02:34 am
#Indian government # PAN compulsory # transaction above 2 lakhs
New Delhi, Dec 15 (IBNS) The government on Tuesday said it has decided that quoting of PAN will be required for transactions of an amount exceeding Rs.2 lakh regardless of the mode of payment.
The changes to the rules will take effect from Jan 1.
 
 "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 Rs. 10 lakh from Rs. 5 lakh for sale or purchase of immovable property, to Rs.50,000 from Rs. 25,000 in the case of hotel or restaurant bills paid at any one time, and to Rs. 1 lakh from Rs. 50,000 for purchase or sale of shares of an unlisted company," read a government statement issued on Tuesday.
 
"In keeping with the Government’s thrust on financial inclusion, opening of a no-frills bank account such as a Jan Dhan Account will not require PAN.  Other than that, the requirement of PAN applies to opening of all bank accounts including in co-operative banks," it said.
 
The statement further said: "They are also expected to help in curbing black money and move towards a cashless economy."

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