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PAN CARD WILL BE MANDATORY FOR FROM 1 JAN 2016

PAN CARD WILL BE MANDATORY FOR FROM 1 JAN 2016

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1) During purchase/ sale of immovable property exceeding Rs 10 lakh.
2) While making a time deposit with any financial institution like Co-op banks, Post Office, Nidhi and NBFC.
3) At the time of opening any form of bank account except opening of a no-frills bank account such as a Jan Dhan Account.
4) For payment of hotel or restaurant bills exceeding Rs 50,000 at any one point through any mode of payment.
5) PAN should be quoted for purchase of bank drafts/ pay orders/ banker’s cheques exceeding Rs 50,000 on a single day.
6) Cash deposit exceeding Rs.50,000/- in a single day. 7) For purchase of foreign currency or cash payment related to foreign travel exceeding Rs.50,000/-
8) Payment in excess of Rs 50,000 for purchase of mutual fund units.
9) For opening a demat account.
10) Purchase or sale of shares of an unlisted company for an amount exceeding Rs1 lakh per transaction.
11) Payment exceeding Rs.50,000 for purchase of Debentures/ bonds.
12) Payment exceeding Rs.50,000 for purchase of RBI bonds
13) Payment exceeding Rs.50,000/- in a year as life insurance premium
14) Cash payment aggregating to more than Rs.50,000 in a year towards cash cards/ prepaid instruments issued under Payment & Settlement Act All the instances mentioned above come under Rule 114B of the Income-tax Act.
According to the Ministry of Finance, “The changes in the rules are expected to be useful in widening the tax net by non-intrusive methods. They are also expected to help in curbing black money and move towards a cashless economy.”
Also, the Pension fund regulatory body PFRDA has started using PAN instead of Aadhaar for validation of new customers who can now be registered online under the National Pension System (NPS) scheme.

(vi) the value of any other fringe benefit or amenity as may be prescribed.

 

PAN CARD WILL BE MANDATORY FOR FROM 1 JAN 2016

PAN CARD WILL BE MANDATORY FOR FROM 1 JAN 2016

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1 comments
  1. adarsh says:

    Thanks for providing Details of Pan Card Mandatory January 1st 2016

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