PAN NO REQT FOR HIGH VALUE SALES

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..... 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 which 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 .....

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..... 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. sale of immovable property - no limit 3. sale of securities (Rs 1.00 lac) 4.Billing in hotel or restaurants Rs. 25000/- Otherwise no .....

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..... 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 Handicrafts. Besides the Income Tax law, I believe there is a recent addition where precious metal like Gold/Plat .....

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..... inum/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 gratewful - PAN NO REQT FOR HIGH VALUE SALES - Query Started By: - Deepak Whorra Dated:- 9-4-2013 Income Tax .....

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..... - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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