Supreme Court: VAT is Not Applicable on Reliance’s Inter-State Gas Supply from KG Basin to UP || Supreme Court: Co-Owner Can File Eviction Suit as Landlord under Bombay Rent Act || Supreme Court: Mediclaim Reimbursement Cannot be Set off Against Accident Compensation || SC: Hindu Succession Act 2005 Amendment Does Not Curtail Daughters’ Existing Inheritance Rights || SC: Loans May be Treated as Deposits under MPID Act, Private Individuals as Financial Establishments || Supreme Court: Preventive Detention Unwarranted When Ordinary Law Suffices to Maintain Order || Supreme Court: Tenant’s Defence Cannot be Struck off Without Checking Wilful Rent Default || Allahabad High Court: Disposing Non-Veg Food in Ganga May Hurt Hindu Religious Sentiments || J&K&L High Court: Similarity With Police Dossier Alone Not Enough to Quash Preventive Detention || Patna High Court: Convict on Bail Can Still Seek Premature Release

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 :