Quoting PAN will be mandatory from January 1 for cash payment made to settle hotels bills or for buying foreign travel tickets of Rs 50,000 as the government tightened disclosure norms to check generation of domestic black money.
The government of India is planning to track and monitor tax robberies through a digital software called Income Tax Business Application - Permanent Account Number. Through this platform new PAN card numbers can be allotted within 48 hours.
The government is planning to track tax and black money through income tax business application. To track the tax, it has been decided that PAN card details will be taken into consideration and new PAN cards will be allotted within 48 hours.
To check generation of domestic black money, the government will soon make it mandatory to furnish PAN card details for cash transactions beyond a certain threshold, Finance Minister Arun Jaitley said on Sunday.
Prime Minister Narendra Modi on July 1 will launch digital locker facility that will help citizens to digitally store their important documents like PAN card, passport, mark sheets and degree certificates.