Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Pan card required for purchase/sales more than rs.100000/-

chandraprakash (service) (17 Points)

17 June 2015

Dear sir/Madam,

I wish to know whether any person required to quoting his pan no as following and if yes I want to know under which Section and Rule of Income tax act 1961 it is required and revert with text relating to this. If not required to mention PAN then what is status of budget proposal whether it is lapsed or not effective please reply conclusively

As per Budget 2015 quoting of PAN is being made mandatory for any purchase or sale exceeding the value of Rs 1 Lakh.

I will be so thankful to you for your quick response.

Reply
Follow
Share

8 Replies

CMA Poornima Madhava (CMA) (13112 Points)
Replied 17 June 2015

Kindly refer Section 139A of the Income-tax Act, 1961 read with Rule 114B , Rule 114C and Rule 114D of the Income-tax Rules, 1962, for more details: https://www.incometaxindia.gov.in/booklets%20%20pamphlets/tpi_pan-book.pdf

Upgrade to CAclubindia Pro. Subscribe Now!

chandraprakash (service) (17 Points)
Replied 17 June 2015

Thanks for your reply

I could not find any change in these rules as required for PAN card for purchase more than Rs.100000/- as per budget proposal 2015.If you have any new change in notification, rule or guildeline issued by Income tax department.

futher link provide you is very old it is of 24/02/2012

CMA Poornima Madhava (CMA) (13112 Points)
Replied 17 June 2015

Yeah i know, it is old, i just gave that reference for IT rules. Let me also check, if anything I'll post it.

1 Like

Deepak Gupta (CA Student) (15922 Points)
Replied 17 June 2015

The aforesaid measure was proposed in the Budget 2015-16 but the amended rule has not yet been notified.

1 Like

chandraprakash (service) (17 Points)
Replied 17 June 2015

Whether is it a back door ruling to harassment of businessmen or common public without any further clarifiction or departmental note.

Upgrade to CAclubindia Pro. Subscribe Now!

Gokul Sharma (practice) (163 Points)
Replied 17 June 2015

direct tax- Vinod gupta sir costing-Sanjay Agarwal

ARUL PRADEEP (ARTICLE ASSISSTANT) (175 Points)
Replied 18 June 2015

Transactions of purchase by consumer of fridge, TV, Car, jewellery can be made in cash or cheque but if more than Rs. 1 Lakh then PAN number of buyer will have to be quoted. (In case of jewellery if more than Rs. 5 Lakh and even a cash transaction of any amount therein, then TCS @ 1% will have to be made.) CBDT has not yet made any circular or rule regarding quoting of PAN for transaction of movable properties exceeding Rs. 1 Lakh.

karan jit singh (Consultant) (1299 Points)
Replied 21 June 2015

To curb black money within the country, Finance Minister Arun Jaitley in his Budget 2015-16 proposals said quoting of Permanent Account Number (PAN) will be made mandatory for any purchase or sale exceeding the value of Rs. 1 lakh.

The finance minister said that tax authorities are also making provisions to check "splitting of reportable transactions" by people to avoid quoting of the PAN.

The Budget also includes a proposal to prohibit acceptance or payment of an advance of Rs. 20,000 or more in cash for purchase of immovable property.Effective date is yet to come.