- December 16, 2015
- Posted by: Amit Mundhra CA
- Category: Income Tax
No Comments
Rule 114B of the Income Tax Rules has been modified w.e.f. 1st January, 2016 and from that date on the following transactions quoting of PAN has become mandatory w.e.f. 01/01/2016. Following are some of the important changes made in the notification.
| S.N. | Nature of Transactions | Existing Limits upto 31/12/2015 | New Limites w.e.f. 01/01/2016
|
| 1 | Sale / Purchase of Immovable property
| Valued at Rs. 5 Lakhs or More | Valued at Rs. 10 Lakhs or more |
| 2 | Hotel Restaurants Bills | Exceeding Rs. 25000/- at any one time (by any mode of payment)
| Cash payment exceeding Rs. 50000/- |
| 3 | Purchase of Jewellery / Bullion | Payment of Rs. 5 lakhs or more at any one time against a bill
| This Entry is deleted and merged with the following entry |
| 4 | Purchase / Sale of Goods or Services | No Requirement | Purchase / sale of any goods or services exceeding Rs. 2 Lakhs per transaction
|
| 5 | Cash Card / pre paid instruments issued under Payments and Settlement Act
| No Requirement | Cash payment aggregating to Rs. 50000/- in a year. |
The complete text of the notification can be downloaded by following this link. 
