PAN Card News: Do you also shop for lakhs of rupees in one go and don't even look at the bill? If so, this news is for you. Learn these new rules related to PAN cards, or you'll regret it.

PAN Card News: Every day, we make some small purchases, often involving online transactions. Small daily purchases are fine, but there are times when we end up making purchases worth lakhs. While making transactions, we often lose track of how much we've purchased. If you do this, you'll need to curb it. Let's explain why.

If you're a shopaholic and don't pay attention to your bills while shopping, it's now essential. Shopping over ₹2 lakh could result in hefty fines. This is especially true if you don't have a PAN card. In fact, from now on, any large transaction involving ₹2 lakh or more will require a PAN card.

PAN is not only required for transactions, but also for these purposes.
A PAN card is not only used for filing Income Tax Returns (ITRs), but it is also used for many other purposes. Let us explain the purposes for which a PAN card is required:

• If you buy goods worth more than Rs 2 lakh like gold- silver , phone, TV, laptop, fridge etc. then you will need PAN card.
• If you are travelling somewhere and it is costing more than Rs 2 lakh, then it is mandatory for you to have a PAN card.
• If you buy or sell property worth more than Rs 20 lakh, you will have to provide PAN card.
• PAN card is mandatory for purchasing any car, bike or any item worth Rs 2 to 5 lakh or more.
• Even if you buy shares worth Rs 1 lakh of an unlisted company, you will have to show your PAN card.
• It is necessary to show PAN while opening a demat account or making any other type of investment.

If you don't have a PAN card, you could face a fine
Without a PAN card, any of these tasks will not proceed. Providing incorrect information in lieu of a PAN card could result in a fine of up to 10,000 rupees. Therefore, if you're planning a transaction of more than 2 lakh rupees in the near future, always keep your PAN card with you.

 PC: ABPNews