Now auto dealers asked to report transactions above Rs 2 lakh

By: | Published: August 30, 2016 12:19 AM

The dealers would also have to furnish details of cash transactions above Rs two lakh for buyers who do not have PAN cards in separate forms provided by the department.

AutomobileThe dealers would also have to furnish details of cash transactions above Rs two lakh for buyers who do not have PAN cards in separate forms provided by the department (Reuters)

After jewellers, auto dealers have been asked to report transactions above Rs two lakh in respect of purchase of three-wheelers and four-wheelers.

Regional Directorate of Income Tax (criminal and investigation) S S Rana today said that motor vehicle dealers would have to mandatorily quote the PAN number of buyers other than two-wheelers according to the provisions of new income tax rules which came into force from January, 2016.

The dealers would also have to furnish details of cash transactions above Rs two lakh for buyers who do not have PAN cards in separate forms provided by the department.

These details were required for any transactions above Rs two lakh either by cash or cheque, Rana said at a meet here.

The official said that the idea behind the move was to track the course of black money generation in the system.

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