Wednesday, December 16, 2015

PAN mandatory for Transaction of Rs 2 Lakh

In wake to prevent use of  black money and widening of tax base ,today goverment has ammendede use of  Permanent Account Number (PAN)  where the transactions exceed a specified limit.
As per finance minister last budget speech  quoting of PAN number is  mandatory for all sales and purchases of goods and services where the payment exceeds Rs.1 lakh.Further in this regard 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(either Cash or Cheque)

1.) All Transactions Over Rs 2 Lakh Will Have To Quote PAN Number

2.) Will Give Some Breathing Time To Taxpayers

3.) Other Than PNJDY Accounts, PAN Is Mandatory For Opening Any Bank A/c

4.) For Any Term Deposit Of Rs 50,000, PAN Will Now Be Mandatory

5.) PAN Is Mandatory For Restaurant Bills Over Rs 50,000

5.) PAN Requirement To Buy Immovable Asset Is Being Hiked To Rs 10 Lakh from Rs 5 Lakh