It looks like the black money declaration programme is spreading its wings. The BJP government, seeming to be very keen in sweeping off the ‘Kala Dhan’ from the country, tries to apply the same on the exchange of automobiles.
The Directorate of Income Tax (Intelligence & Criminal Investigation),conducted a presentation on the quoting of PAN in respect to the sale and purchase of automobiles above the price range of Rs. 2 Lakhs.
Anyone who plans to purchase or sell his/her car needs to disclose the PAN number or has to present a statement of financial transaction in case of the receipt of cash payment exceeding Rs 2 Lakhs.
The Director of Income Tax (Intelligence and Criminal Investigation), Raman Chopra, gave a presentation on this important change. The seminar was attended by approximately 80 automobile dealers where they were informed about the changes in the Income Tax Act and Rules fiscal 2016-17.
Ameeta Saini,the Director General of Income Tax (Intelligence and Criminal Investigation) was informed about this particularly, participants too cleared their doubts on this change.
