PAN Card Mandatory from
New Delhi: Narendra Modi government makes furnishing PAN card mandatory from January 1, 2016 for cash transactions for instance hotel or foreign travel bills exceeding Rs 50,000 - a move geared towards curbing the black money menace.
Here are definitely the key facts concerning the new PAN rules:
-Furnishing Know your PAN are going to be mandatory for cash transactions for instance hotel or foreign travel bills exceeding Rs 50,000.
-Besides, PAN will likely be a must for many transactions, including buying of jewellery, above Rs 2 lakhs in cash or through Know your PAN card verification.
-PAN may also be mandatory on buying immovable property of more than Rs 10 lakh. This will probably be a relief to small homeowners as previously the us government had proposed to generate PAN mandatory for property worth Rs 5 lakh.
-Quoting of Permanent Account Number (PAN) may also be mandatory for term deposits exceeding Rs 50,000 at one go or Rs 5 lakh annually with banks, Post Offices and NBFCs. Also Read the notification with regards to the new PAN rules:
-The notification said PAN can be mandatory for payments in excess of Rs 50,000 for cash cards or prepaid instruments along with acquiring shares of unlisted companies for Rs 1 lakh and above.
-It been specifically made mandatory for opening all savings accounts except Pradhan Mantri Jan Dhan Yojana accounts.
-Making cash deposit greater than Rs 50,000 or buying bank draft/pay orders/bankers cheque of equal denomination for a passing fancy day, payment of term life insurance premium of Rs 50,000 every year would also require quoting of PAN.
-In keeping with the us govenment's thrust on financial inclusion, opening of your no-frills bank account including a Jan Dhan account will not likely require PAN. Other than that, needing PAN refers to opening of all accounts including in co-operative banks.
-Any person without having a PAN but undertaking a transaction which has a mandatory quoting from it, should fill up 'Form No. 60'.
-Under the 'Form No. 60', you have to provide his personal information like name, address, birthday, mobile number and mode of transaction like cash, cheque, card, draft or banker's cheque, online transfer or other.
-The form comes with an exclusive column to supply the Aadhaar quantity of the declarant and as well includes space for mentioning the acknowledgement number that may have been received by them while getting this 10-digit alphanumeric number. For more information about PAN card status visit my website.