Industry & Economy
-
Income Tax
Money & Banking
-
Regulatory Bodies & Rulings
Government
-
Policy
PAN must for more bank transactions
Our Bureau
NEW DELHI, June 20
THE Government has made quoting of the Permanent Account Number (PAN) mandatory for more bank transactions, including purchase of bank drafts, pay orders and bankers' cheques for amounts exceeding Rs.50,000 in cash during any day.
The Central Board of Direct Taxes has further amended Rule 114 of the Income-Tax Act to make it compulsory to quote the PAN for cash deposits exceeding Rs 50,000 in any bank account during one day and one-time cash payment for foreign travel of more than Rs 25,000.
In respect of contract for sale and purchase of securities, the threshold limit for compulsory quoting of PAN has been prescribed at Rs 1 lakh.
The CBDT has also issued a notification amending Rule 114 D to provide that the statement containing the details of all transactions specified in Rule 114 B, effected in cash, should be forwarded to the I-T department. This is in addition to the existing requirement for forwarding copies of Form 60 and 61 in two instalments, a Finance Ministry release has said.
Send this article to Friends by
E-Mail
|
