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of <h1>New Tax Rules Require PAN for Major Financial Transactions Starting 2016; Includes Penalties for Non-Compliance.</h1> The Income-tax (22nd Amendment) Rules, 2015, introduced by the Central Board of Direct Taxes, mandate quoting a Permanent Account Number (PAN) in specified financial transactions from January 1, 2016, with additional rules effective from April 1, 2016. These transactions include vehicle purchases, bank account openings, and significant financial dealings like hotel payments, foreign travel expenses, mutual fund investments, and property transactions. The amendment outlines the verification process for PAN, the requirement for Form 60 when PAN is unavailable, and the reporting obligations for financial institutions. It also specifies penalties for non-compliance and provides detailed instructions for submitting financial transaction reports.
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