PAN must be declared when spending more than a specific amount
Posted on: 06/Oct/2015 8:48:57 AM
Declaring PAN (Permanent Account Number) while spending more than a specified amount will be made compulsory shortly.
Central Finance Minister Mr. Arun Jaitley informed that the central government will release an announcement shortly in this regard. He had recorded this in his Facebook account.
The finance minister has responded that declaring PAN while spending above a specified amount will facilitate preventing generation of black money in the domestic circles.
The finance minister had informed earlier that the monitoring against evasion of taxes would be strengthened and the latest technologies will be deployed to detect evasions of tax payment.
During his Budget presentation speech, finance minister Mr. Arun Jaitley had informed that all financial exchanges above Rs. 1 Lakh would necessitate declaration of PAN.
However, there were strong protests against this proposal. The finance minister`s attest response confirms the central government`s resolution to carry out & implement this proposal.
