PAN could additionally be obligatory for cash bills of more than Rs 50,000 for cash cards or prepaid gadgets. Adhia stated a distinction has been made in case of lodge and foreign tour payments of Rs 50,000 as they're luxurious spending. Pan Card Apply Online
Quoting PAN may be obligatory from January 1 for establishing all financial institution accountsexcept Pradhan Mantri Jan Dhan Yojana money owed as the government tightened disclosure norms to check technology of home black money.
consistent with the authorities's thrust on monetary inclusion, beginning of a no-frills bank account such as a Jan Dhan account will no longer require PAN. apart from that, the requirement of PAN applies to establishing of all financial institution accounts together with in co-operative banks.

"The authorities is devoted to curtailing the stream of black cash and widening of tax base," Adhia stated. "To gather statistics on sure varieties of transactions from third parties in a non-intrusive way, the income-Tax regulations require quoting of PAN wherein the transactions exceed a specific restrict."
PAN can also be mandatory on buy of immovable property of Rs 10 lakh. this will be a remedy to small domestic shoppers as previously the government had proposed to make PAN quoting mandatory for purchase or sale of Rs 5 lakh.
Unveiling the new norms, sales Secretary Hasmukh Adhia stated purchasing of jewellery or bullion, a prime source of blackmoney, quoting of PAN would be required if the sum involved is Rs 2 lakh in step with transaction.
presently, it is required for transaction of Rs 5 lakh and above.
PAN may also be obligatory for coins payment made to settle hotels bills or for buying overseas travel tickets of Rs 50,000.
The PAN requirement for non-luxurious cash transactions might be Rs 2 lakh. but, in a remedy to small traders, the requirement of furnishing PAN for making publish workplace deposit of over Rs 50,000 has been disbursed with.
PAN could also be obligatory for coins bills of greater than Rs 50,000 for coins playing cards or prepaid devices in addition to for acquiring shares of unlisted agencies for Rs 1 lakh and above.
the comfort also consists of discontinuation of requirement of PAN for set up of simple landline or mobile phone connection.
In Lok Sabha, Finance Minister Arun Jaitley stated the authorities will soon difficulty a notification making quoting of PAN obligatory for all coins and card transactions beyond Rs 2 lakh.
The limit is double of Rs 1 lakh that he had proposed in his finances for 2015-sixteen.
"An trouble is being raised with regard to black cash.... Very rapidly we will be setting the notification that in case you deal in cash of greater than Rs 2 lakh, a PAN wide variety might be important," he stated replying to discuss inside the Lok Sabha on Supplementary needs for grants.
Adhia said a difference has been made in case of inn and overseas journey payments of Rs 50,000 as they're luxury spending.
All other coins transactions might attract the PAN requirement if they're above Rs 2 lakh.
The Rs 2 lakh limit for disclosure of PAN card is an "meantime measure" and last intention is to decrease it Rs 1 lakh, Adhia said.
To bring stability between burden of compliance on valid transactions and the want to seize records regarding excessive fee transaction, he stated, the money limits have now been raised to Rs 10 lakh from Rs 5 lakh on the market or purchase of immovable belongings, to Rs 50,000 from Rs 25,000 inside the case of resort or eating place bills paid at anyone time, and to Rs 1 lakh from Rs 50,000 for buy or sale of shares of an unlisted organisation.
The adjustments will take effect from January 1, 2016.
Adhia said all different law for quoting of PAN like making coins deposit of greater than Rs 50,000 or purchase of financial institution draft/pay orders/bankers cheque of equal denomination on a single day, charge of lifestyles coverage top class of Rs 50,000 on a yr will hold as previously.
there was a relaxation in case of immovable assets as formerly it changed into proposed to make PAN mandatory for buy or sale of Rs 5 lakh.
The superb court-appointed unique research group (sit down) on Black money had advocated that quoting of PAN should be made obligatory for all income and buy of goods and services where the payment exceeds Rs 1 lakh.
This changed into additionally contemplated in Jaitley's finances speech on February 28.
"The authorities has since obtained numerous representations from numerous quarters concerning the burden of compliance this suggestion might entail. considering the representations, it has been decided that quoting of PAN can be required for transactions of an quantity exceeding Rs 2 lakh regardless of the mode of fee," he stated.
The changes inside the guidelines, he stated, are expected to be beneficial in widening the tax net by using non-intrusive techniques. "they may be additionally anticipated to help in curbing black money and circulate toward a cashless economy."
government extends closing date for linking Pan Card with Aadhaar, remaining date now Sep 30
govt extends the closing date to hyperlink PAN with biometric id Aadhaar till September 30
The authorities Sunday extended the closing date for linking PAN with biometric identification Aadhaar by 6 months till September 30, as in step with an reliable declaration.
however, quoting of Aadhaar will stay obligatory for filing profits tax returns (ITRs), following the very best court docket order.
that is the 6th time the government has extended the cut-off date for individuals to hyperlink their permanent Account quantity (PAN) with Aadhaar.
In June last year, the authorities had stated that PAN needs to be related with the biometric identity with the aid of March 31.
"....now the cut-off date for intimating the Aadhaar range and linking PAN with Aadhaar is September 30, 2019, except particularly exempted," the primary Board of Direct Taxes (CBDT) said in a assertion.
The CBDT stated there had been reports that the ones PANs which are not related with Aadhaar range by March 31 may be invalidated, following which the matter become taken into consideration by means of the government and the date extended till September 30.
"however the closing date of intimating/linking of Aadhaar wide variety with PAN being September 30, 2019, it is also made clean that w.e.f. April 1, 2019, it's miles obligatory to quote and link Aadhaar quantity even as filing the go back of earnings," it delivered.
The apex court, in September closing yr, had declared the Centre's flagship Aadhaar scheme as constitutionally legitimate and held that the biometric identity would continue to be obligatory for the submitting of I-T returns and allotment of PAN.
A five-judge charter bench had, but, stated that it'd not be obligatory to hyperlink Aadhaar to bank debts and telecom carrier vendors cannot are searching for its linking for mobile connections.
till September last 12 months, of the forty one crore PANs issued, over 21 crores have been related to Aadhaar.
The perfect court in its order upheld section 139AA of the profits Tax Act.
phase 139 AA (2) of the profits Tax Act says that every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, should intimate his Aadhaar wide variety to the tax government.
the sooner cut-off dates for linking PAN with Aadhaar had been July 31, August 31 and December 31, 2017, March 31, 2018, June 30, 2018 and March 31, 2019. Pan Card Apply Online