You will have to flash you permanent account number (PAN) if your hotel bill exceeds Rs 50,000 starting January 1. The same rule applies to foreign air tickets.
The move is aimed at curbing the menace of black money.
Besides, PAN will be a must for all transactions, including purchase of jewellery, above Rs 2 lakh in cash or through card with effect from January 1, 2016, the finance ministry said in a notification.
PAN will also be mandatory on purchase of immovable property of more than Rs 10 lakh. This will be a relief to small home buyers as previously the government had proposed to make PAN mandatory for property worth Rs 5 lakh.
Quoting of PAN will also be mandatory for term deposits exceeding Rs 50,000 at one go or Rs 5 lakh in a year with banks, post offices and non-bank financial companies. According to the notification, PAN would be mandatory for payments of more than Rs 50,000 for cash cards or prepaid instruments as well as for acquiring shares of unlisted companies for Rs 1 lakh and above. It has also been made mandatory for opening all bank accounts except those under Pradhan Mantri Jan Dhan Yojana.
Union finance minister Arun Jaitley had earlier this month announced in Parliament that PAN would be made mandatory for all cash and card transactions beyond Rs 2 lakh. The limit is double of Rs 1 lakh he had proposed in the 2015-16 Budget, but is lower than the existing threshold of Rs 5 lakh.
Making cash deposit of more than Rs 50,000 or purchase of bank draft/pay orders/bankers cheque of equal denomination on a single day, payment of life insurance premium of Rs 50,000 in a year would also require quoting of PAN.
1 comment:
happy makar sankranti wishes
happy makar sankranti 2016
Post a Comment