We typically do not cover news and updates other than Voter ID Card and Elections. But this particular news is important and we thought it will be a helpful for our readers, and hence here we are with this post.
From 2016, be prepared to see changes in the way you used your PAN Card. There as may as 20 changes introduced in the mandatory requirements of quoting PAN Card. The Finance Minister has announced a list of 20 type of transactions for which quoting of PAN is now mandatory. This is done as a means to curb the spread and rolling of black money in the economy. On the recommendations of Special Investigating Team (SIT), the Government had earlier decided to make it mandatory to quote PAN for any kind of transaction for value of Rs. 1 Lac or above. However after a lot people from different walks of life sent in their representation as to the impact and burden this sort of a move will have on the common man as well as for the authorities to process so much of data, this limit is raised to Rs. 2 Lac.
Other Changes in the rules where Quoting of PAN is Mandatory (w.e.f. 1st Jan, 2016):
Further more, time deposits made with NBFC, Nidhis, Co-Op Soc and Banks and even post offices will require quoting of PAN.
Cash payments at Hotel and Restaurants exceeding Rs. 50,000 will require quoting of PAN. Earlier this limit was at Rs. 25,000 only. This has been raised considering the inflation and overall rise in costs. Moreover, the need to open regular Savings Bank Accounts will no longer require showing PAN as was the requirement before. This means for opening a regular savings bank account you will not need to submit PAN card a address proof or quote your PAN. Banks are asked to comply with this requirement. Even co-operative and public sectors banks will comply to this new change.
Complete List of Changes for the Mandatory Rule to Quote PAN (List of Transactions included):
Here is a simple and straight forward list which our readers can download and even keep it in their mobile phones as a quick guide to refer whenever they have any query with regards to the change in new rules.
Have a look at this image below.
To Download the image, simply right click on it and click the save image.