Pan compulsory from today
Income Tax department has announced that PAN cards are not needed for Savings accounts opening in banks. Income Tax Department has carried out the major list of occasions where PAN cards are compulsorily required as per Income Tax Law Section 114B. This is said to be effective one from 1st January 2016.
Central government has introduced new regulations to check black money regulation and to increase the number of Income Tax payers.
As per the rules, if payments are said to exceed for Rs. 50000/- are paid on Hotel Bills or Flight-ticket booking, PAN card number must be entered.
PAN card numbers must be entered when
- Jewel worth more than Rs. 2 Lakhs is bought
- Fixed assets worth more than Rs. 10 Lakhs are bought
- Payments over Rs. 50000/- are made for cash cards,
- Shares of unlisted companies are bought for more than Rs. 1 Lakh
20 money transactions which include the above to require PAN Card number to be entered. This is said to be effective one from today (Friday, 1st January, 2016).