Supreme Court Issues Directions to Speed Up MACT Claims Amid Six-Year Average Pendency || Supreme Court: Sex Selection Practices Continues Due to Preference For Male Children || Supreme Court: Injury From a Fallen Tree is Not a Motor Accident for MACT Claims || Madras HC: Recent Tamil Nadu Elections Reflect Voting Beyond Caste and Community Considerations || Supreme Court: Children Should Not Undergo Psychological Tests in Custody Cases Unless Necessary || Jharkhand HC: Lokayukta Cannot Delegate Core Adjudicatory Powers Even in Case Against Brother || Ker HC: Complainant Can Invoke Presumptions After Proving Transaction, Cheque Execution Convincingly || Supreme Court Cancels SARFAESI Auction Sale After 16 Years Due to a 5-Day Payment Delay || Jhar HC Orders 2-Month Probe Deadline, DGP Monitoring to Overhaul Sexual Violence Response in State || Delhi HC: Social Media Cannot Undermine Judiciary; Intermediaries Must Act Without Court Orders

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 :