Following demonetization, the coming step of the government has created a large curiosity among the people of India. The predictions made by finance experts estimates tweaks in the world of PAN Cards. This prediction has made us happy as we will now be able to deliver another update about PAN Cards on our website.
As per the government, the people have to display their PAN Cards to the seller if their bill exceeds the threshold of Rs. 50,000. This applies on various transactions like hotel bills, foreign exchange etc.
The user either has to show their PAN Card or verify their identity via another set of document accepted by the seller in case they do not have a PAN Card.
However, this rule is only applicable on cash transactions made by the users and not on credit cards or any other cards provided by official banks.
The Government of India announced this rule as of January, 2016. However, predictions state that the rule might be revised again.
The previous threshold announced by the government was Rs. 50,000 but is expected to be modified again to as low as Rs. 30,000. If officially announced, this will mean that the user must quote their PAN Cards if their bills exceed the amount of Rs. 30,000.
This change might occur when the next budget of the nation is announced. The threshold however will remain Rs. 50,000 till then.
If not submitted previously, all the documents required for PAN must be submitted as soon as possible by all the citizens as announced by the income tax department. Having a PAN is mandatory to everyone and especially for people with deposit wishes of over 2.5L in savings account and more than 12.5L in the current account.
Therefore, if any of you have not yet applied for PAN and have a frequent transaction limit of over Rs. 30,000, we highly recommend you to do so.
Users with further questions may ask them to us in the comment section down below.