January 4, 2016 at 7:48 am #6154
A chart highlighting the key changes to Rule 114B of the Income-tax Act is as under:-
Nature of transaction Mandatory Quoting of PAN (Rule 114B) Existing Requirement New Requirement Immovable property Sale/ purchase valued at Rs.5 lakh or more i. Sale/ purchase exceeding Rs.10lakh
ii. Properties valued by Stamp Valuation Authority at amount
exceeding Rs.10 lakh will also need PAN.
Time deposit Time deposit exceeding Rs.50,000/- with a banking company i. Deposits with Co-op banks, Post Office, Nidhi, NBFC companies will also need PAN;
ii. Deposits aggregating to more than Rs.5 lakh during the year will also need PAN
Deposit with Post Office Savings Bank Exceeding Rs.50,000/- Discontinued Opening an account (other than time deposit) with a banking company All new accounts i. Basic Savings Bank Deposit Account excluded (no PAN requirement for opening these accounts);
ii. Co-operative banks also to comply
Installation of telephone/cell phone connections All instances Discontinued Hotel/restaurant bill(s) Exceeding Rs.25,000/-
at any one time (by any mode of payment)
Cash payment exceeding Rs.50,000/- Foreign travel Cash payment in connection with foreign travel of an amount exceeding Rs.25,000/-at any one time (including fare, payment to travel agent, purchase of forex) Cash payment in connection with foreign travel or purchase of foreign currency of an amount exceeding Rs.50,000/- at any one time (including fare, payment to travel agent) Shares of a company Payment of Rs.50,000/-
or more to a company for acquiring its shares
i. Opening a demat account;
ii.Purchase or sale of shares of an unlisted co. for an amount exceeding Rs.1 lakh per transaction.
Purchases or sales of goods or services No requirement Purchase/ sale of any goods or services exceeding Rs.2 lakh per transaction.
For purchase of jewellery/bullion, earlier the limit of Rs.5 lacs was provided which is now substituted with the limit of Rs.2 lacs.
Cash cards/ prepaid instruments issued under Payment & Settlement Act No requirement Cash payment aggregating to more than Rs.50,000 in a year.
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