New Delhi: Quoting PAN will be mandatory from January 1 for cash payment made to settle hotels bills or for buying foreign travel tickets of Rs 50,000 as the government tightened disclosure norms to check generation of domestic black money.
The PAN requirement for non-luxury cash transactions will be Rs 2 lakh. (Read more)
However, in a relief to small investors, the requirement of furnishing PAN for making post office deposit of over Rs 50,000 has been dispensed with.
PAN will also be mandatory on purchase of immovable property of Rs 10 lakh. This will be a relief to small home buyers as previously the government had proposed to make PAN quoting mandatory for purchase or sale of Rs 5 lakh.
Unveiling the new norms, Revenue Secretary Hasmukh Adhia said purchasing of jewellery or bullion, a major source of blackmoney, quoting of PAN would be required if the sum involved is Rs 2 lakh per transaction. Currently, it is required for transaction of Rs 5 lakh and above.
PAN would also be mandatory for cash 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 mandatory for opening all bank accounts except Pradhan Mantri Jan Dhan Yojana accounts, he said.
The relief also includes discontinuation of requirement of PAN for installation of basic landline or cellphone connection.
Mr Adhia said a distinction has been made in case of hotel and foreign travel bills of Rs 50,000 as they are luxury spending.
New Delhi: Quoting PAN will be mandatory from January 1 for cash payment made to settle hotels bills or for buying foreign travel tickets of Rs 50,000 as the government tightened disclosure norms to check generation of domestic black money.
The PAN requirement for non-luxury cash transactions will be Rs 2 lakh. (Read more)
However, in a relief to small investors, the requirement of furnishing PAN for making post office deposit of over Rs 50,000 has been dispensed with.
PAN will also be mandatory on purchase of immovable property of Rs 10 lakh. This will be a relief to small home buyers as previously the government had proposed to make PAN quoting mandatory for purchase or sale of Rs 5 lakh.
Unveiling the new norms, Revenue Secretary Hasmukh Adhia said purchasing of jewellery or bullion, a major source of blackmoney, quoting of PAN would be required if the sum involved is Rs 2 lakh per transaction. Currently, it is required for transaction of Rs 5 lakh and above.
PAN would also be mandatory for cash 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 mandatory for opening all bank accounts except Pradhan Mantri Jan Dhan Yojana accounts, he said.
The relief also includes discontinuation of requirement of PAN for installation of basic landline or cellphone connection.
Mr Adhia said a distinction has been made in case of hotel and foreign travel bills of Rs 50,000 as they are luxury spending.
New Delhi: Quoting PAN will be mandatory from January 1 for cash payment made to settle hotels bills or for buying foreign travel tickets of Rs 50,000 as the government tightened disclosure norms to check generation of domestic black money.
The PAN requirement for non-luxury cash transactions will be Rs 2 lakh. (Read more)
However, in a relief to small investors, the requirement of furnishing PAN for making post office deposit of over Rs 50,000 has been dispensed with.
PAN will also be mandatory on purchase of immovable property of Rs 10 lakh. This will be a relief to small home buyers as previously the government had proposed to make PAN quoting mandatory for purchase or sale of Rs 5 lakh.
Unveiling the new norms, Revenue Secretary Hasmukh Adhia said purchasing of jewellery or bullion, a major source of blackmoney, quoting of PAN would be required if the sum involved is Rs 2 lakh per transaction. Currently, it is required for transaction of Rs 5 lakh and above.
PAN would also be mandatory for cash 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 mandatory for opening all bank accounts except Pradhan Mantri Jan Dhan Yojana accounts, he said.
The relief also includes discontinuation of requirement of PAN for installation of basic landline or cellphone connection.
Mr Adhia said a distinction has been made in case of hotel and foreign travel bills of Rs 50,000 as they are luxury spending.
Sign Up with Google
RECOMMENDED FOR YOU
POPULAR