PAN Card Rule: PAN is now mandatory for transactions above ₹2 lakh; non-compliance may lead to penalties.

PAN Card News: We all make various small, everyday purchases and conduct online transactions for them. While routine small purchases are fine, there are occasions when we spend lakhs on shopping. Often, amidst the transactions, we lose track of the total value of goods purchased. If you have this habit, you need to curb it now. Here is why.

If you are a shopaholic who ignores the bill total while shopping, it is time to pay attention. Spending more than ₹2 lakh can lead to a hefty penalty. This is enforced strictly, especially if you do not possess a PAN card. In fact, a PAN card is now mandatory for any major transaction amounting to ₹2 lakh or more.

PAN is essential for these activities, not just transactions

A PAN card is not used solely for filing Income Tax Returns (ITR); it is required for various other purposes. Here are the instances where a PAN card is mandatory:

You will need a PAN card if you purchase goods worth more than ₹2 lakh, such as gold, silver, phones, TVs, laptops, refrigerators, etc.
A PAN card is mandatory if you are undertaking travel that costs more than ₹2 lakh.