Direct Tax Update Transactions that require comp...

Direct Tax Update Transactions that require compulsory mentioning of PAN or Aadhaar. A person, not having PAN, may furnish his Aadhar number in lieu of PAN, in all those transactions where furnishing of PAN is mandatory. This provision is applicable with effect from September 1, 2019. No Monetary Limit (1) Sale or purchase of motor vehicles. (2) Opening a bank account. (3) To get credit or debit card. (4) Opening a demat account. Amount Exceeding Rs 50000/- (5) Cash Payment to a hotel or restaurant against a bill or bills at any one time. (6) Cash Payment in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time. (7) Payment to a Mutual Fund for purchase of its units. (8) Payment to a company or an institution for acquiring debentures or bonds issued by it. (9) Cash Deposit. (10) Payment for RBI Bonds. (11) Purchase of Bank Drafts or Pay Orders (12) LIC Premium Amount exceeding Rs 50000/- or aggregating to more than Rs 5 lacs during a FY. (13) FD with Bank Amount exceeding Rs 1 lacs per transaction. (14) Sale or purchase of securities. (15) Sale or purchase, by any person, of shares of a company not listed in a recognised stock exchange. Amount exceeding Rs 10 lac (16) Sale or purchase of any immovable property. Amount exceeding Rs 2 lac (17) Sale or purchase, by any person, of goods or services. #incometaxupdate #incometaxrules #taxation #pancard