27 April 2015
As decided in Budget, PAN CARD is made mandatory for all Sales and purchases above Rs 1 lakh.
Hence, request for your guidance in case Purchase and Sales is done by NRI / NRE. Whether PAN Card details is mandatory ?For eg If Tickets worth Rs 150000/- is sold to NRI/ NRE by A Ltd, then whether PAN CARD IS MANDATORY RECORD to be kept by A Ltd ? Kindly guide
If you transacting with NRI - NRE for a value more than 1 Lakh, you should take Passport copy form them so it is good stand for you that this NRI / NRE does not have PAN. It is valied in the eyes of Law.
CAclubindia
