From PAN to CNG: Top 9 Rule Changes You Need to Know About

PAN A Must for Cash Transactions:

PAN will be mandatory for any cash transactions such as hotel or foreign travel bills exceeding 50,000. This move is aimed at curbing the black money menace in the country. Besides, PAN will be a must for all transactions, including purchase of jewellery of above 2 lakhs in cash or through card with effect from January 1, 2016.

PAN To Be Mandatory For Term Deposits:

Here too, the Government has made the use of PAN mandatory on purchase of immovable property of over 10 lakh. This however will be a relief to small home buyers as previously the government had proposed to make PAN mandatory for property worth 5 lakh. A false declaration by an individual not possessing PAN card for certain value of transactions can land him upto a seven-year jail term and a hefty fine as part of Income Tax regulations that will come into force from January 2016.
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