Income Tax Dept changes PAN rules for automobile sales above Rs 2 lakh

The Directorate of Income Tax (Intelligence and Criminal Investigation) conducted a seminar on Tuesday on quoting of permanent account number (PAN) in respect of transactions of sale or purchase of automobiles above Rs 2 lakh and furnishing of statement of financial transaction in case of receipt of cash payment exceeding Rs 2 lakh.

The Director General of Income Tax (Intelligence and Criminal Investigation), Ameeta Saini, was given a detailed presentation by the Director of Income Tax (Intelligence and Criminal Investigation), Raman Chopra.

Representatives of around 80 automobile dealers attended the seminar, where Chopra apprised them about the changes in the Income Tax Act and Rules from fiscal 2016-17.

Participants also used the occasion to raise their concerns and were given clarifications on the same, a release issued by the Directorate of Income Tax (Intelligence and Criminal Investigation) said.