We all keep doing small purchases every day in our everyday life. In today’s digital era, we often resort to online transactions or UPI for these small expenses. It is okay to buy items of daily need, but sometimes during weddings, festivals or any special occasion, we end up making big purchases worth lakhs of rupees.
It is often seen that while shopping in malls or markets, people do not remember how much goods they have purchased. If you are also fond of shopping and do not pay attention to your total expenditure till you reach the billing counter, then now you will have to curb this habit of yours. According to the new rules of the government, you may be fined heavily for shopping worth Rs 2 lakh or more. Especially if you do not have your PAN Card, then difficulties can increase for you. From now on, whenever you do any big transaction of Rs 2 lakh or more, it has been made mandatory for you to have a PAN card.
Many people still think that PAN card is needed only for filing Income Tax Return (ITR) or opening a bank account, but this is not at all the case. With the changing rules, this card has now become an essential part of your big purchases and investments. Let us tell you in detail for which purposes it is very important for you to have a PAN card.
If you are buying electronic items like gold and silver jewellery, expensive smartphone, big screen TV, laptop or fridge and the bill is more than Rs 2 lakh, then you will have to show your PAN card to the shopkeeper. Apart from this, if you are planning to travel anywhere in the country or abroad and the total expenditure of your travel tickets, hotel booking etc. crosses Rs 2 lakh, then it is still mandatory for you to have a PAN card.
Its rules are quite strict even in real estate and automobile sectors. If you are buying or selling any property (house, shop or plot) worth more than Rs 20 lakh, then you will have to provide PAN card to complete this transaction. Similarly, it is legally mandatory to provide PAN card even when purchasing any car, heavy vehicle or expensive bike priced between Rs 2 lakh to Rs 5 lakh or more. The rules are clear even for stock market enthusiasts; If you buy shares of an unlisted company worth Rs 1 lakh or more, or start any new investment by opening a demat account, then your process will not proceed without a PAN card.
If you are going to do any of the big work mentioned above and you do not have a PAN card at that time, then a big problem can arise for you. The first thing is that without PAN card, the process of any of these big transactions or purchases will not proceed, that is, your work will stop midway.
Apart from this, if any person tries to avoid this rule or in a hurry by giving any wrong or fake information in place of PAN card, then the government can take strict action against him. According to the rules, for giving wrong information in exchange of PAN card, a heavy fine of up to Rs 10,000 can be directly imposed on you. In such a situation, it is wise that if you are thinking of doing any transaction or big shopping of more than Rs 2 lakh in the coming days, then always keep your PAN card with you and enter correct information everywhere.
