Hi,
Please tell me:-
The rule regarding purchase of jewellery above5Lakh requires PAN number for the purchaser. How will the seller require deal with it...
What shall be his reporting period? if any.
22 Replies
Ashish Kukreja
(CA Final Student)
(587 Points)
Replied 01 July 2011
You dont have to give PAN no. for purchase of jewellery.
Pragnesh
(AM - Taxation)
(1259 Points)
Replied 01 July 2011
If any person or individual purchasing jewellary above 5 lacs, then he has to submit copy PAN card. Seller has to issue bill on the name of PAN holder. later seller will update with government department through filing of AIR report. Goverment will trace this transaction trough AIR report.
sujeet gupta
(indore)
(25 Points)
Replied 01 July 2011
SAME AS HOTEL PAYMENT SOW THE PAN CARD AT THE TIME OF PAYMENT AND HOTEL MANAGER ENTERD YOUR PAN NO. HIS RECORD
Ashish Kukreja
(CA Final Student)
(587 Points)
Replied 01 July 2011
Thanks for update..It is now mandatory from Jul 1
Pragnesh
(AM - Taxation)
(1259 Points)
Replied 01 July 2011
Dear Sujeet, I think your understanding is different. Hotel Manager is asking PAN card only for ID proof or verification (As per Govt. order to all Hotel Industries) for controlling illegal and terrorist activities. And here matter is different.
Pragnesh
(AM - Taxation)
(1259 Points)
Replied 02 July 2011
The Central Board of Direct Taxes (CBDT) issues a list of high-value transactions every year, which can land you in the scrutiny net. These transactions constitute the Annual Information Report (AIR) under Section 285BA, rule 114E, which requires certain 'specified person(s)' to file the report every year.
When you make high-value transactions — investment in property and/or mutual funds — your bank or the respective financial institution (mutual fund house, for example) reports this to the I-T department through an AIR. The department keeps track of such transactions through your permanent account number (PAN).
The following AIR transactions need to be reported when filing returns:
- Cash deposits of Rs 10 lakh and above
- Credit card bills of Rs 2 lakh and above
- Mutual fund investment of Rs 2 lakh and above
- Purchase of bonds/ debentures worth Rs 5 lakh and above
- Purchase of stocks worth Rs 1 lakh and above
- Purchase of immovable property worth Rs 30 lakh and more
- Sale of immovable property worth Rs 30 lakh and above
- Purchase of RBI bonds worth Rs 5 lakh and above
darshan
(Professional Accountant)
(95 Points)
Replied 02 July 2011
Recently I have read some were on the net that It is compulsory to give PAN No. for expense (Bill Amt.) of more then Rs. 50,000/- for Purchase of Jewellery , Staying Hotel, Permit Room etc..
Regards,
Darshan Shah
9821707213 / darshan_shah204 @ yahoo.com
Raju (Meger, Aquisi,Takeover)
(Audit Assitant)
(56 Points)
Replied 03 July 2011
pragnesh will you please elaborate the AIR i mean to say who will deposite the AIR in simple words seller or buyer please mail me at rajuroye @ gmail .com please thanks
and can we ask the AIR report from the depositer while we are doing the audit of that person i mean to say can we take the copy of AIR from him or her
Raju (Meger, Aquisi,Takeover)
(Audit Assitant)
(56 Points)
Replied 03 July 2011
pragnesh will you please elaborate the AIR i mean to say who will deposite the AIR in simple words seller or buyer please mail me at rajuroye @ gmail .com please thanks
and can we ask the AIR report from the depositer while we are doing the audit of that person i mean to say can we take the copy of AIR from him or her
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