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Thursday, September 08, 2016

These 20 TRANSACTION required PAN card..

These 20 TRANSACTION required PAN card with effect from January 1,  2016
Indian Income-tax Act, 1961 Section 139A(5) of provides that every income taxpayer shall mandatorily quote its PAN in all documents pertaining to certain transactions (PAN reportable transactions) as prescribed by CBDT.

Default thereof attracts penalty of Rs. 10,000 on each occasion. If the taxpayer does not possess PAN, it may furnish a declaration in Form 60 giving details of the transactions & other prescribed details.

Recommendations of the Special Investigation Team on Black Money was that quoting of PAN should be made mandatory for all sales and purchases of goods and services where the payment exceeds Rs. 1 lakh.


The amended rules for mandatory quoting of PAN have been made effective  January 1, 2016.



Sl.
NATURE OF TRANSACTION
MANDATORY QUOTING OF PAN (RULE 114B)

1.
Immovable property
(a)  Sale / purchase exceeding Rs.10 lakh;
(b)     Properties valued by Stamp Valuation authority at amount exceeding Rs.10 lakh will also need PAN.

2
Motor vehicle (other than two wheeler)
No change

3.
Time deposit
(a).Deposits with Co-op banks, Post Office, Nidhi, NBFC companies will also need PAN;
(b)Deposits aggregating to more than Rs.5 lakh   during the year will also need PAN

4.
Deposit with Post Office Savings Bank
Discontinued

5.
Sale or purchase of securities
No change

6.
Opening an account (other than time deposit) with a banking company.
i. Basic Savings Bank Deposit Account excluded (no PAN requirement for opening these accounts);. Co-operative banks also to comply

7.
Installation of telephone/ cellphone connections
Discontinued

8.
Hotel/restaurant bill(s)
Cash payment exceeding Rs.50,000

9.
Cash purchase of bank drafts/ pay orders/ banker's cheques
Exceeding Rs.50,000 on any one day.

10.
Cash deposit with banking company
Cash deposit exceeding Rs.50,000in a day.

11.
Foreign travel
Cash payment in connection with foreign travel or purchase of foreign currency of an amount exceeding Rs.50,000 at any one time (including fare, payment to travel agent)

12.
Credit card
No change.
Co-operative banks also to comply.

13.
Mutual fund units
Payment exceeding Rs.50,000for purchase.

14.
Shares of company
a      Opening a demat account;
b    Purchase or sale of shares of an unlisted company for an amount exceeding Rs.1 lakh per transaction.

15.
Debentures/ bonds
Payment exceeding Rs.50,000

16.
RBI bonds
Payment exceeding Rs.50,000

17.
Life insurance premium
Payment exceeding Rs.50,000 in a year.

18.
Purchase of jewellery / bullion
Deleted and merged with next item in this table

19.
Purchases or sales of goods or services
Purchase / sale of any goods or services exceeding Rs.2 lac per transaction.

20.
Cash cards/ prepaid instruments issued under Payment & Settlement Act
Cash payment aggregating to more than Rs.50,000 in a year.




These 20 TRANSACTION required PAN card.. Reviewed by S. Chitra on September 08, 2016 Rating: 5 These 20  TRANSACTION  required  PAN card  with effect from January 1,   2016 Indian Income-tax Act, 1961 Section 139A(5) of provides tha...

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