06, · Wi effect from 1, e income tax department has allowed all PAN holders to mention Aadhaar number in lieu of PAN if taxpayer so desired as PAN has been linked wi Adhar now. One can use it not only for filing income tax returns but also for carrying out e above referred specified transactions for which quoting PAN is mandatory under e Income TaxAct – 1961. QUOTE OWN PERMANENT ACCOUNT NUMBER IN RETURNS, CERTIFICATES, CORRESPONDENCE-Every person shall quote his permanent account number (PAN) in all his returns/challans/correspondence wi any income-tax au ority. Besides, every person shall quote his PAN in all documents pertaining to e transactions specified in rule 114B and given in e table . 04, · Here is e new & amended list of financial transactions where quoting of PAN has been made mandatory, w.e.f., 1 st : us, as per Rule 114B, every person shall quote his or her permanent account number (PAN) in all documents pertaining to . PAN made mandatory for all transactions above Rs2 lakh! New Rules w.. 03, · Following are e transactions in which quoting of PAN is mandatory by every person except e Central government, state governments and consular offices:. Sale or purchase of a motor vehicle . 05, · List of Transaction for which Quoting of PAN is mandatory Posted on uary 5, by ADMIN Rule 114B: Transactions in relation to which permanent account number is to be quoted in all documents for e purpose of clause (c) of sub-section (5) of section 139A .-. , · is article lists out e transactions in relation to which permanent account number (PAN) is to be quoted. is list of transaction has been mentioned under Rule 114B of e Income Tax Rules.Every person shall quote his PAN in all documents pertaining to e transactions specified below. 28, · While quoting of PAN is compulsory, it is not clear what e intermediaries will do wi such information. Rule 114D states at e persons collecting e form 60/61 shall ford e same (except in e case of bank account opening) to e Commissioner CIB in two instalments. 02, · ere are several transactions where PAN quoting is mandatory under Income Tax Laws. If ere is no PAN in such transactions, en Form 60 is required and Form 61 is to be filed. 07, · Quoting Permanent Account Number (PAN) helps provide au entic information required by e service receiver. Know e 6 areas where it is mandatory. Join Courses. Apart from e above-mentioned areas where quoting of PAN is mandatory, e following two areas no more require your Permanent Account Number. Quoting of Pan number mandatory Contents In terms of Section 206AA of Income Tax Act, 1961 206(5) effective from 01/04/ as under: e deductee shall furnish his Permanent Account Number to e deductor and bo shall indicate e same in all e correspondence, bills, vouchers and o er documents which are sent to each o er. PAN or Permanent Account Number – Where it is Mandatory to Quote PAN or Permanent Account Number is e unique code at identifies an Indian National. PAN is a digit unique alpha-numeric code issued under Income Tax Act 1961. It is a misconception at if i am not paying income tax en i don’t need PAN. From ober, quoting Aadhaar number will not be enough for tax payers as it is mandatory for all ose having PAN card to link it wi Aadhaar by 30. For e six time in a row, e. From 1 st uary, quoting of e income tax Permanent Account Number or PAN would be mandatory for certain transactions where it exceed a specified limit.. Persons who do not hold e income tax Permanent Account Number or PAN are required to fill a form and furnish any one of e specified documents to establish eir identity. 17, · e Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. ese are listed in Rule 114B of e Income Tax Rules, 1962 which were first inserted wi effect from 1st . Rules regarding quoting of PAN for specified transactions amended e Government is committed to curbing e circulation of black money and widening of tax base. To collect information of certain types of transactions from ird parties in a non-intrusive manner, e Income-tax Rules require quoting of Permanent Account Number (PAN) where e. 18, · 4. One of e pre-requisites for making donations is to mention your PAN and address. Despite is, a total of 1933 donations rough which national parties received Rs. 384.04 crore, do not have PAN details in e contribution form. 5. 99 of donations wi out PAN and address details, totally some Rs. 159.59 crore, have been made to e BJP. 2. Quoting of Aadhaar Number [Section 139AA] w.e.f. 1.7.. 3. Power delegated to e Central Government to Notify Class or Classes Persons for whom it will be obligatory to apply for Permanent Account Number (PAN) [Section 139A(1A)]: 4. Form Number and Documents which are required to be attached wi e Application for Permanent Account. 01, · uary Onds, PAN Mandatory For Transactions Above Rs 2 Lakhs. Wi effect from 1 uary , you would have to furnish your Permanent Account Number (PAN) for all transactions above Rs 2 lakhs, irrespective of e mode of payment adopted. is ision by e Indian Finance Ministry is a relaxation from e initial proposal made by Arun Jaitley during e -16 Budget, . Read more about Rules regarding quoting of PAN for specified transactions amended on Business Standard. One of e recommendations of e Special Investigation Team (SIT) on Black Money was at quoting of PAN should be made mandatory for all sales and purchases of goods and services where e payment exceeds Rs.1 lakh. Accepting is recommendation. e Income-tax Rules require quoting of Permanent Account Number (PAN) where e transactions exceed a specified limit. Apr 04, · Mandatory to quote Aadhaar number while filing e Income Tax Return from 01.04. onds - CBDT Circular Circular No.6/ Government of In Aadhaar PAN linking: Last date extended up to 30 – Mandatory to quote Aadhaar in filing of ITR. PAN will be mandatory for purchase of prepaid cards wor Rs. 50,000 or more in a year. Purchase of gold jewellery wor above Rs. 2 lakh (Rs. 5 lakh current limit) would also need PAN. e limit for quoting PAN for sale or purchase of real estate property has been raised to Rs. lakh from Rs. 5 lakh. 20, · e requirement of quoting Aadhaar number in ITR and linking of PAN wi Aadhaar was announced in Budget . e CBDT in its circular dated ch 31, has clarified at ITR filed prior to April 1, wi out quoting of Aadhaar number will be taken up for processing wi out any adverse action against e taxpayer. Quoting of PAN card number now mandatory for bank accounts e RBI had issued a circular at mandated no wi drawal would be allowed from e accounts having substantial credit balance or deposits if PAN or Form No.60 was not provided. New Delhi: e central government has made it a must to quote e permanent account number (PAN) for all transactions above ₹ 2 lakh in a bid to curb black money. which provides for mandatory quoting of e Aadhaar number1/enrolment ID2 for e filing of allotment of Permanent Account Number (PAN) wi effect from 1 y . Existing PAN holders also have to intimate e Aadhaar number to keep eir PAN active. Key provisions of new requirement Every person who is eligible to obtain an. Finance Minister Arun Jaitley during e India Economic Convention . (Express photo by Renuka Puri) e government will soon issue a notification making it mandatory to quote PAN for all cash transactions beyond Rs 2 lakh as a step against domestic black money, finance minister Arun Jaitley informed Lok Sabha on Tuesday. e ision was taken at e 22nd GST Council meeting held on 6 Now ere is a relaxation for Jewellers as well as buyers of jewellery in cash upto Rs. 2 Lakhs. Jewellers will not have to report & buyers will not be required to submit eir PAN card details. 28, · Answered ober 28, . First of all, Quoting of PAN and Quoting of GST Number bo are governed by two different laws. Quoting of PAN is mandatory as per Income–tax (22nd Amendment) Rules, - 95/ //www.gjf.in/pdf/circulars/Notification_of_PAN_card.pdf (ie Income Tax Act, 1956) effective from 01/01/ for Sale or purchase, by any person, of goods or services of any . Quoting PAN is mandatory when you purchase a bank drafts or pay orders or banker's cheques for an amount aggregating to fifty ousand rupees. 6. A contract of a value exceeding one lakh rupees. Quoting e PAN number is mandatory in many financial transactions. A few examples are: a) Deposit of Rs 50,000 and above in a bank b) Sale/ Purchase of all motor vehicles except two wheelers c) Sale/ Purchase of immovable property of wor 5Lacs and above d) New telephone connection e) Payment of Rs 25,000 and above on hotel bills. 27, · From April 1, it is mandatory to quote Aadhaar number while filing income tax return New Delhi: An individual is required to mention or quote eir Aadhaar number while filing an income tax return (ITR), as per e current income tax laws. Also, taxpayers are required to link eir PAN wi eir Aadhaar number. 16, · Considering e representations, PAN will be required for transactions of an amount exceeding Rs 2 lakh regardless of e mode of payment, Central Board of Direct Taxes (CBDT) said in a statement on Tuesday. Besides, e ministry rationalised monetary limits for certain transactions requiring mandatory quoting of PAN. 29, · After Supreme Court verdict on constitutional e validity of Aadhaar, it is mandatory to link 12-digit identification number wi PAN card for filing of income tax returns (ITR). Even if you are applying for a new PAN card, quoting of your Aadhaar number is compulsory. e provisions of Section 139A of e Income Tax Act, to be read wi Rule 114 of e Income Tax Rules deal wi e requirement of application and obtaining of Permanent Account Number. PAN is a digit code allotted to each essessee by I.T. Dept. Quoting of e Permanent Account Number (PAN) has been made mandatory by e I.T. Department. Apr 02, 20 · Mandatory requirement of furnishing PAN in all TDS statements, bills, vouchers and correspondence between deductor and deductee [New Section. 206AA] (i) e non-quoting of PAN by deductees in many cases have led to delay. issue of refund on account of problems in e processing of returns of income. and in granting credit for tax deducted at. 05, · e government has made it mandatory to link e existing Aadhaar numbers wi e PAN cards of taxpayers wi effect from y 1, . In . 26, · 4.Mandatory quoting of PAN in certain transactions: It is to be noted at holding PAN is mandatory in certain situations where an individual has income exceeding e basic exemption limit, filing of ITR or has a business tur er of over Rs 5 lakh. However, according to e government, in many cases people entering into high-value transactions. 13, · Financial transactions where quoting of PAN is mandatory. Below are e financial transactions where quoting your PAN is compulsory. All ese new rules will come into effect from .. As per Budget quoting of PAN is being made mandatory for any purchase or sale exceeding e value of Rs 1 Lakh. 16, · Rule 114B of e Income Tax Rules has been modified w.e.f. 1 st uary, and from at date on e following transactions quoting of PAN has become mandatory w.e.f. 01/01/. Following are some of e important changes made in e notification. 07, · NEW DELHI: Jewellery purchases exceeding Rs 50,000 won’t require e income tax permanent account number to be provided after e government reversed an earlier notification on Friday, providing a big festive cheer for e sector and potential customers.Jewellers will also not be required to inform au orities about jewellery purchases of over Rs 50,000 after e government . Apr 02, 20 · Starting from April 1, 20, if your total income falls under any of e taxable slab, you are required to quote Permanent Account Number (PAN) in . 16, · Rules regarding quoting of PAN for specified transactions amended. e Income-tax Rules require quoting of Permanent Account Number (PAN) where e transactions exceed a specified limit. For e persons who do not hold PAN are required to fill a form and furnish any one of e specified documents to establish eir identity. 01, · e section makes quoting of e Aadhaar number mandatory while applying for a PAN card and for filing income tax returns. In cases where a PAN has already been allotted, it is mandatory . 16, · All o er cash transactions would attract e PAN requirement if ey are above Rs 2 lakh. Quoting PAN will be mandatory from uary 1, for cash payment made to settle hotels bills or for buying foreign travel tickets of Rs 50,000 as e government tightened disclosure norms to check generation of domestic black money. e gems and jewellery sector is not a source to attract black .