Tax sleuths surveyed the offices of eight New Delhi-based bullion dealers last week to verify whether they noted clients permanent account number (PAN) details in large transactions.The surveys came hot on the heels of a new income-tax rule mandating PAN card disclosures for each gold transaction above.5 lakh.Cash still plays an important role in bullion and gold jewellery transactions and the surveys were carried out to detect if there was any case of tax evasion, said a New Delhibased tax official who asked not to be named.
Worried about vast sums of unaccounted money flowing into gold jewellery and real estate sectors,the government amended Rule 114 (B) of the I-T Act making PAN card disclosure mandatory for every purchase of jewellery or bullion in excess of.5 lakh from July 1.PAN is also a must for realty purchases in excess of.30 lakh.Bachhraj Bamalwa,the new chairman of the 10,000-member All India Gems and Jewellery Trade Federation,said the survey of eight bullion dealers was to ascertain whether highvalue transaction bills were attached with the buyers PAN details.
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