The Government has amended Rule 114 B Income-tax Rules for enhancing the monetary limits of certain transactions which require quoting of PAN and in order to bring a balance between burden of compliance on legitimate transactions. In case of transactions of sale or purchase of goods and services, PAN will be required to be quoted, irrespective of the mode of payment if the transaction exceeds Rs. two lakhs. The changes made to the Rules have been notified through S.O. No. 3545(E) dated 30th December, 2015. These changes will take effect from 1st January, 2016.
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