Supreme Court: Borrowers Retain Redemption Rights if Balance is Paid After Auction Deadline || Supreme Court: Non-Confirmation of Seizure under Section 37A Impacts Adjudication Proceedings || SC: Blacklisting After Contract Termination is Not Automatic and Needs Independent Review || Grand Venice Fraud Case: Supreme Court Cancels Bail of Satinder Singh Bhasin || SC: Senior Employee Cannot Claim Same Lesser Penalty As Subordinate; Bank Manager's Dismissal Upheld || Madras HC: Governor Must Follow Cabinet's Advice on Remission Decisions, Regardless of Personal View || Kerala High Court: Entrepreneurs Must Be Protected From Baseless Protests to Boost Industrial Growth || J&K&L High Court: Second FIR Valid if it Reveals a Broader Conspiracy; 'Test of Sameness' is Key || Supreme Court: Expecting a Minor to Respond to a Public Court Notice is ‘Perverse’ || SC: Order 23 Rule 1 CPC Applies to S. 11 Arbitration Act, Barring Fresh Arbiration After Abandonment

Rules regarding quoting of PAN for specified transactions amended - (15 Dec 2015)

MANU/PIBU/1806/2015

Direct Taxation

To bring a balance between burden of compliance on legitimate transactions and the need to capture information relating to transactions of higher value, the Government has enhanced the monetary limits of certain transactions which require quoting of Permanent Account Number. Some of the raised monetary limits are Rs. 10 lakh from Rs. 5 lakh for sale or purchase of immovable property; Rs.50,000 from Rs. 25,000 in the case of hotel or restaurant bills paid at any one time; and to Rs. 1 lakh from Rs. 50,000 for purchase or sale of shares of an unlisted company.

Tags : PERMANENT ACCOUNT NUMBER BLACK MONEY TRANSACTIONS

Share :