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new amendment makes it compulsory to show pan card

ADVOCATE

FROM TODAY New Amendment makes it compulsory to show Pan Card for any
payment of Rs. five lakh or more for purchase of bullion or jewellery.


As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs. five lakh or more for purchase of bullion or jewellery.


Its very good move by government of India as it will stop the use of black money but this will certainly reduce the purchase of jewellery by using black money.

Currently in India Banks only ask the Pan Number when issue Credit Card, but as per new amendments for getting Debit Card also PAN (Permanent Account Number) has become mandatory.

From tomorrow the payment of Rs. 50,000 or more in a year for life insurance premium would also require PAN

Currently following transactions require the Pan Card

1.
sale or purchase of any immovable property valued at Rs. five lakh or more

2.
sale or purchase of motor vehicles other than two- wheelers


3.
bank deposits exceeding Rs. 50,000

4.
telephone connection applications


5.
opening of bank accounts

6.
hotel and restaurant bills of over Rs. 25,000


7.
mutual fund investments of Rs. 50,000 and above

Suggested Reading –
Know 21 Important Facts about Permanent Account Number (PAN) Card –

 
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Advocate

Thanks for the information

 
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LAWYER; LEGAL ADVISER/CONSULTANT& TRAINER

Let us hope that thiswill not be yet another cumbersome procedure to harass the honest tax paying citizen  but it would  bring atleast some dishonest thugs into the tax net.

 
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Originally posted by :RAKESH PIPRODIA
"

.......................................Its very good move by government of India as it will stop the use of black money...........................................................


Isn't it a bit hasty and simplistic conclusion that this move is going to stop the use or generation of black money? On the contrary this move seems to be one among the series of moves by the government to slowly turn our country into a surveillance State where the citizens Life and Liberty including every freedom are under constant surveillance by the State for the "good" of citizens rather subjects of a banana republic. Don't we see any connection with the recent exemption to CBI, NIA and NATGRID from perview of RTI and this move?


PAN card or no PAN card the CBDT, Income Tax department or any government department was never, is never and will never be able to see or do anything about the transactions of those in power or near to those in power. These rules are only to fool and track "ordinary" citizens(or subjects?) like you and me. Else why is government vehemently opposing the accountability to people as proposed by Anna Hazare in Jan Lokpal Bill and instead wants a practically useless government Lokpal Bill which is full of loopholes?


Total likes : 2 times

 
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self employed

Heck you're right...when customs officer in America detaned rahul gandhi he was carrying lacs of dollars as spending money for his vacation...but we have to declare every safety pin


Total likes : 1 times

 
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partner

Originally posted by :A.A.JOSE BARODA
"
Let us hope that thiswill not be yet another cumbersome procedure to harass the honest tax paying citizen  but it would  bring atleast some dishonest thugs into the tax net.
"
 
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Thanks for this informative discussion and get detail of PAN Card name change for correction on your PAN cards.

 
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