Amendment of rules regarding quoting of PAN for specified transactions

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    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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