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of <h1>Government Amends Income-Tax Rules: PAN Required for Transactions Above Rs. 2 Lakh to Combat Black Money. Effective Jan 2016.</h1> The government has amended Income-tax Rules to mandate quoting of a Permanent Account Number (PAN) for transactions exceeding Rs. 2 lakh, aiming to curb black money and expand the tax base. This applies to all payment modes. The monetary limits for certain transactions requiring PAN have been increased, such as immovable property sales now needing PAN for amounts over Rs. 10 lakh, and hotel bills over Rs. 50,000. Opening basic savings accounts like Jan Dhan accounts is exempt from this requirement. These changes, effective January 1, 2016, aim to capture high-value transactions non-intrusively and promote a cashless economy.
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