PAN to become Mandatory for Transactions above Rs 1 lakh

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New Delhi: The government will soon make it mandatory to furnish PAN card details for cash transactions beyond a certain threshold, Finance Minister Arun Jaitley said on Sunday.”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 Income Tax Department has been strengthened its monitoring through this and its capacity to access information and apply technology driven analytical tools to expose evasion has been enhanced.In Budget for 2015-16, the Finance Minister had proposed making quoting of permanent account number (PAN) mandatory for all sale and purchase of over Rs 1 lakh.

Thereafter, the government had received representations from various persons, including MPs, MLAs, and trade and industry associations, among others, against the proposed mandatory quoting of PAN for sale or purchase in excess of Rs 1 lakh.Mr Jaitley said there was a need to change the national attitude so that plastic currency becomes the norm and cashes an exception and the government is working with various authorities to incentivize this change.

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