Income Tax - Black Money - PANacea
FROM today quoting PAN (Permanent Account Number) is mandatory if you
1. Buy a car
2. Open a bank account
3. Apply for a credit card
4. Open a Demat account
5. Pay more than 50,000 rupees in cash in a hotel
6. Buy more than 50,000 rupees worth foreign currency
7. Buy mutual funds/RBI bonds/insurance of more than 50,000 rupees worth.
8. Buy or sell immovable property worth more than ten lakhs of rupees.
9. Buy or sell goods or services valued at more than two lakhs of rupees.
If you indulge in any of these 'luxuries' and you don't have a PAN, you are required to file a declaration in Form No. 60. And you have to ensure that the other party has correctly mentioned his PAN.
This is supposed to be part of the Government's mission to curb circulation of black money and widening of tax base.
CBDT Notification No. 95/2015., Dated: December 30, 2015