Day by Day Government making some very hard decision for tax. Government of India makes changes in now Pan must for Rs 50k cash to settle for all bills and some airfare. You must have to submit pan card for all transaction. In bank also if you do more than Rs.2 Lakh cash transaction then also you have to submit pan card in bank. You can also show while doing transaction.
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Still it’s going on, So, wait what happen next. Here is all details of pan card news and many more things you can check it out here. All those who are apply pan card online.
In keeping with the government’s thrust on financial inclusion, opening of a no-frills bank account such as a Jan Dhan account will not require PAN. Other than that, the requirement of PAN applies to opening of all bank accounts including in co-operative banks.
“The government is committed to curbing the circulation of black money and widening of tax base,” Adhia said. “To collect information on certain types of transactions from third parties in a non-intrusive manner, the Income-Tax Rules require quoting of PAN where the transactions exceed a
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The Supreme Court-appointed Special Investigation Team (SIT) on Black Money had recommended that quoting of PAN should be made mandatory for all sales and purchase of goods
and services where the payment exceeds Rs 1 lakh.
This was also reflected in Jaitley’s budget speech on February 28.
“The government has since received numerous representations from various quarters regarding the burden of compliance this proposal would entail. Considering the representations, it has been decided that quoting of PAN will be required for transactions of an amount exceeding Rs 2 lakh
regardless of the mode of payment,” he said.
The changes in the rules, he said, are expected to be useful in widening the tax net by non-intrusive methods. “They are also expected to help in curbing black money and move towards a cashless economy.”