New Delhi, Jan 1 (Big Wire) Be it eating out at a restaurant or buying foreign air tickets or purchase of cash or prepaid cards if your transaction is over Rs.50,000, you have to quote your income tax permanent number (PAN) number.
This revised government norm has come into effect on Friday, Jan 1. Quoting of PAN has also been made mandatory for purchase of gold jewellery above Rs.2 lakh.
However PAN is mandatory for those who sale or purchase immovable properties over ten lakh. Earlier it Rs.5 lakh.
Quoting PAN is also mandatory for purchase or sale of shares of an unlisted company amounting to Rs.1 lakh. Bank account opened with all banks including cooperative banks: PAN is not required for accounts opened under the Pradhan Mantri Jan Dhan Yojana.
The government has revised this norms so that it can track all high-value transactions done by one particular individual so that tax official can determine if they are in line with the declared income of that person.