New Delhi: Regardless of the mode of payment, quoting the income tax Permanent Account Number (PAN) would be mandatory if you make cash transactions above Rs 50,000 from January 1, 2016.
It will also be mandatory to quote the PAN if the sale or purchase of immovable property touches Rs.10 lakh, and that for hotel and restaurant bills will touch Rs 50,000.
The move is aimed at dealing with curbing the domestic black money by keeping a tab on the trail of relatively chunky monetary transactions.
Quoting of Permanent Account Number (PAN) will also be mandatory for term deposits exceeding Rs 50,000 at one go or Rs 5 lakh in a year with banks, Post Offices and NBFCs.
It has also been made mandatory for opening all bank accounts except Pradhan Mantri Jan Dhan Yojana accounts.
Making cash deposit of more than Rs 50,000 or purchase of bank draft/pay orders/bankers cheque of equal denomination on a single day, payment of life insurance premium of Rs 50,000 in a year would also require quoting of PAN.