Here is the first News article about PAN on this website. We are happy for this change because now you will get each and every update about PAN Card on this site.
Till now, According to the government, You have to show PAN Card if your bill exceeds the threshold of Rs50,000. It means you have to show your PAN Card if Hotel bill Exceeds Rs50,000, Foreign Travel Bills Exceeds Rs50,000, etc.
You have to show PAN Card, or maybe you can verify your PAN Card number to Prove your Identity in case you don’t have PAN Card with you.
You have to Show PAN Card or check PAN Card information only if you are paying the bill with Cash and not the Card. It is because this rule is only for Cash Transactions.
The Government of India made this rule last year. But now, It might change.
The government of India might modify the threshold to Rs30,000. It means you might have to quote your PAN Card when you get the bill amount more than Rs30,000.
This change might occur from Next Budget. Till then, the Threshold will remain Rs50,000. Also, Income Tax Department told all the banks to get Permanent account number or PAN or Form-60 in case PAN is not available in case PAN is not available.
In case you have not submitted the Documents to the bank, Do it as soon as possible. It’s mandatory if you’ve deposited more than 2.5Lakh in Savings account and more than 12.5 Lakh in the Current account.
So, If you don’t have PAN Card Yet and your Transactions are going above Rs30,000 Frequently, Apply for PAN Now! Or you won’t be able to pay in cash after this budget!
Let us know if you have any questions about this news in the Comment Section. We are here to help you!