Question

Consider the following statements in respect of PAN (effective from January 1, 2016)

1. Quoting PAN is mandatory for cash payments made to settle hotel bills or for buying foreign travel tickets of an amount above Rs. 50,000.
2. The PAN requirement for non-luxury cash transactions is Rs. 2 lakh
3. PAN for making post office deposit of over Rs 50, 000 has been dispensed with.
4. PAN is mandatory on the purchase of immovable property of Rs 10 lakh.

The correct answer is

Options

• I and II

• l, ll, and lV

• ll, lll, and lV

• l, ll, lll, and lV

Answer 1

l, ll, lll, and lV

Explanation: All the statements are true.