New PAN rules from January 1, 2016: All you need to know

New Delhi: Narendra Modi government has produced furnishing PAN card mandatory from January 1, 2016 for cash transactions for instance hotel or foreign travel bills exceeding Rs 50,000 – a move targeted at curbing the black money menace.

Here are definitely the key facts concerning the new PAN rules:

-Furnishing PAN card status will likely be mandatory for cash transactions like hotel or foreign travel bills exceeding Rs 50,000.

-Besides, PAN are going to be a must for everyone transactions, including acquisition of jewellery, above Rs 2 lakhs in cash or through card.

-PAN is likewise mandatory on acquisition of immovable property of more than Rs 10 lakh. This is going to be a relief to small homeowners as previously the us govenment had proposed to create PAN mandatory for property worth Rs 5 lakh.

-Quoting of Permanent Account Number (PAN) can also be mandatory for term deposits exceeding Rs 50,000 at one go or Rs 5 lakh each year with banks, Post Offices and NBFCs. Also Read the notification with regards to the new verify pan card rules:

-The notification said PAN can be mandatory for payments of greater than Rs 50,000 for cash cards or prepaid instruments as well as acquiring shares of unlisted companies for Rs 1 lakh and above.

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-It is made mandatory for opening all banking accounts except Pradhan Mantri Jan Dhan Yojana accounts.

-Making cash deposit greater than Rs 50,000 or buying bank draft/pay orders/bankers cheque of equal denomination on one day, payment of term life insurance premium of Rs 50,000 each year would also require quoting of PAN.

-In keeping with government entities’s thrust on financial inclusion, opening of an no-frills bank account like a Jan Dhan account will not likely require PAN Card status verification. Other than that, the advantages of PAN refers to opening of all accounts including in co-operative banks.

-Any person without needing a PAN but undertaking a transaction which has a mandatory quoting of computer, have to fill up ‘Form No. 60′.

-Under the ‘Form No. 60′, you yourself have to provide his private information like name, address, birthday, mobile number and mode of transaction like cash, cheque, card, draft or banker’s cheque, online transfer or other.

-The form has a exclusive column to produce the Aadhaar amount of the declarant and in addition includes space for mentioning the acknowledgement number which often can have been received by them while trying to get this 10-digit alphanumeric number.

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