Income Tax announces major changes - More transactions under PAN

By Vijay Kumar

As of now Permanent Account Number (PAN) is to be quoted on the following transactions :

a) sale or purchase of immovable property valued at five lakh rupees or more;

b) sale or purchase of a motor vehicle (four-wheeler)

c) Bank deposit, exceeding fifty thousand rupees,

d) deposit, exceeding fifty thousand rupees, with Post Office Savings Bank;

e) sale or purchase of securities exceeding one lakh rupees

f) opening a bank account

g) application for installation of a telephone connection

h) payment to hotels and restaurants exceeding twenty-five thousand rupees at any one time

i) payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating fifty thousand rupees or more during any one day;

j) deposit in cash aggregating fifty thousand rupees or more, with a bank;

k) payment in cash in connection with travel to any for-eign country of an amount exceeding twenty-five thousand rupees at any one time.