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Wednesday, October 21, 1998

PAN made mandatory for house, auto deals

PRESS TRUST OF INDIA  
New Delhi, Oct 20: Individuals undertaking sale and purchase of any immovable property valued over Rs five lakh or a motor vehicle requiring registration under the Motor Vehicles Act must mandatorily quote their permanent account numbers (PAN) in their transactions, income tax authorities notified today.

Those having time deposits exceeding Rs 50,000 in a bank must also quote the PAN in their trasanctions. These are among various categories identified by the I-T authorities for quoting PAN from November one this year.

Other categories where a person has to quote his PAN number are: Any deposit exceeding Rs 50,000 in any account with post office savings, a contract of a value exceeding Rs 10 lakh for sale or purchase of securities, opening an account with a bank, making an application for installation of a telephone connection (including a cellular telephone connection), payment to a hotel or a restaurant of an amount exceeding Rs 25,000 at any one time.

An Income-Tax department release here said thedeparment will open special counters between October 28 to 31 (the last date for filing income tax returns) from 0930 hours to 1800 hours in the capital for the convenience of the tax payers.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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