Finance Minister Arun Jaitley |
“The government is at an advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken,” Mr. Jaitley said in a Facebook post.
He said the monitoring regime of the income tax department has been strengthened and its capacity to access information and apply technology driven analytical tools to expose evasion, has been enhanced.
In 2015-16 Budget, the Finance Minister had proposed making quoting of Permanent Account Number (PAN) mandatory for all sale and purchase of over Rs. 1 lakh.
“Quoting of PAN is being made mandatory for any purchase or sale exceeding the value of Rs. 1 lakh. The third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions,” Mr. Jaitley had said.
Thereafter, the government had received representations from various persons, including MPs, MLAs, trade and industry associations among others, against the proposed mandatory quoting of PAN for sale or purchase in excess of Rs. 1 lakh.
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