TaxTMI 
TaxTMI 
PAN NO REQT FOR HIGH VALUE SALES
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....AN NO REQT FOR HIGH VALUE SALES<br> Query (Issue) Started By: - Deepak Whorra Dated:- 9-4-2013 Last Reply Date:- 12-4-2013 Income Tax<br>Got 2 Replies<br>Income Tax<br>Dear Experts, We are often told that it is a requirement to obtain the PAN No details for all high value sales. We are iin retail and would like some enlightenment on this : What is the thresh hold limit for retail sales above whi....
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....ch it is mandatory/adviseable to obtain the Pan Number of the customer ? I would be thankful for a reply which quotes the relevant section or rule no of the Income Tax or any other law . Deepak Reply By CA GOPALJI AGRAWAL: The Reply: Deepakji Pl. clarify in which business you are as the limit in some cases are as under i.e.PAN is must: 1. Sale of motor vehicle (not 2 wheeler) - no limit 2. ....
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....sale of immovable property - no limit 3. sale of securities (Rs 1.00 lac) 4.Billing in hotel or restaurants Rs. 25000/- Otherwise no such requirement in other sales except the name and address of the buyer to prove your transaction. Reply By Deepak Whorra: The Reply: Dear Mr.Agrawal, Thank You for your reply. I am in the business of retail/wholesale of Silverware/ silver jewellery and Handi....
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....crafts. Besides the Income Tax law, I believe there is a recent addition where precious metal like Gold/Platinum/Silver/Palladium, and of precious Stones like diamonds, etc have been put in the Money Laundering Act . So there must be some rules in this regard for obtaining Pan Card/ other identity details above a certain thresh hold limit. If you could enlighten me on this aspect, I would be gra....
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