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  Business   Economy  19 Jan 2017  PAN quoting limit on cash transaction may go down

PAN quoting limit on cash transaction may go down

THE ASIAN AGE
Published : Jan 19, 2017, 11:22 am IST
Updated : Feb 1, 2017, 11:39 am IST

Finance Ministry had made quoting of PAN a must on transactions worth Rs 50,000 effective from Jan 1, 2016.

 PAN card is impotant document issued by I-T department.
  PAN card is impotant document issued by I-T department.

Mumbai: Government on Thursday indicated it may bring down the threshold for quoting PAN for every transaction worth Rs 50,000 and above, The Economic Times quoted government sources as saying.

In the Budget 2017, the Ministry is expected to bring it down to Rs 30,000.

 

Finance Ministry headed by Arun Jaitley had last year made quoting of PAN compulsory for cash transactions worth Rs 50,000 and above with effect from January 1, 2016.

Such transactions as purchase of jewellery, transactions over Rs 2 lakh in cash or done through cards were brought under the ambit of the new rule at the time.

The Ministry also made PAN a must for buying immovable property worth over Rs 10 lakh. Earlier, quoting of PAN was mandatory for buying immovable properties of Rs 5 lakh.

Apart from that, to promote cashless economy and digital payments, the government may also announce disincentives for certain usage of cash in the Budget.

 

Tags: pan, cash transaction, budget2017
Location: India, Maharashtra, Mumbai (Bombay)