Pan card required for purchase/sales more than rs.100000/-

Kindly refer Section 139A of the Income-tax Act, 1961 read with Rule 114B , Rule 114C and Rule 114D of the Income-tax Rules, 1962, for more details: https://www.incometaxindia.gov.in/booklets%20%20pamphlets/tpi_pan-book.pdf

Thanks for your reply 

I could not find any change in these rules as required for PAN card for purchase more than Rs.100000/- as per budget proposal 2015.If you have any new change in notification, rule or  guildeline issued by Income tax department.

futher link provide you is very old it is of 24/02/2012

Yeah i know, it is old, i just gave that reference for IT rules. Let me also check, if anything I'll post it.

The aforesaid measure was proposed in the Budget 2015-16 but the amended rule has not yet been notified.

Whether is it a back door ruling to harassment of businessmen or common public without any further clarifiction or departmental note.

Transactions of purchase by consumer of fridge, TV, Car, jewellery can be made in cash or cheque but if more than Rs. 1 Lakh then PAN number of buyer will have to be quoted. (In case of jewellery if more than Rs. 5 Lakh and even a cash transaction of any amount therein, then TCS @ 1% will have to be made.) CBDT has not yet made any circular or rule regarding quoting of PAN for transaction of movable properties exceeding Rs. 1 Lakh.

 

To curb black money within the country, Finance Minister Arun Jaitley in his Budget 2015-16 proposals said quoting of Permanent Account Number (PAN) will be made mandatory for any purchase or sale exceeding the value of Rs. 1 lakh.

The finance minister said that tax authorities are also making provisions to check "splitting of reportable transactions" by people to avoid quoting of the PAN.

The Budget also includes a proposal to prohibit acceptance or payment of an advance of Rs. 20,000 or more in cash for purchase of immovable property.Effective date is yet to come.