30 June 2011

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New Amendment makes it compulsory to show Pan Card for any payment of Rs. five lakh or more for purchase of bullion or jewellery.

New Amendment makes it compulsory to show Pan Card for any
payment of Rs. five lakh or more for purchase of bullion or jewellery.

As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs. five lakh or more for purchase of bullion or jewellery.


Its very good move by government of India as it will stop the use of black money but this will certainly reduce the purchase of jewellery by using black money.

Currently in India Banks only ask the Pan Number when issue Credit Card, but as per new amendments for getting Debit Card also PAN (Permanent Account Number) has become mandatory.

From tomorrow the payment of Rs. 50,000 or more in a year for life insurance premium would also require PAN

Currently following transactions require the Pan Card

1.
sale or purchase of any immovable property valued at Rs. five lakh or more

2.
sale or purchase of motor vehicles other than two- wheelers


3.
bank deposits exceeding Rs. 50,000

4.
telephone connection applications


5.
opening of bank accounts

6.
hotel and restaurant bills of over Rs. 25,000


7.
mutual fund investments of Rs. 50,000 and above

Suggested Reading –
Know 21 Important Facts about Permanent Account Number (PAN) Card –

http://realityviews.blogspot.com/2010/03/know-21-important-facts-about-permanent.html

Reality views by sm-
Thursday, June 30, 2011

Tag – Pan Card Important Fact Amendment Jewellery Debit Card Rs.5 Lakh

8 comments:

Teamgsquare July 01, 2011  

This is a good move .

sm,  July 01, 2011  

Team G Square,
thanks.

NSDL Pan November 27, 2011  

Nice blog so much informative . thanks for sharing us this information

Pan Card Application Form November 27, 2011  

Yes this is good move i like your blog good keep it man

sm,  November 28, 2011  

NSDL Pan,,thanks.
Pan Card thanks.

soc February 17, 2012  

pan card status india.

Services on Click helps, provides complete & accurate information about How to, Documents required & Procedure to get Ration Card issued in Delhi by Govt of India.

http://www.servicesonclick.com/pancard.php

Smoker April 10, 2012  

This is definitely a nice site. I would definitely be coming back to it again.
pan card application form

Unknown January 09, 2013  

New or duplicate PAN card no matter no need to contact PAN card agent also.
Any one can apply online, Its very easy to apply online at eMudhra PAN Service. Visit website to apply online.