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PAN Not Required for Agriculture Produce Sale up to Rs. 2 Lakh Per Day
November 06, 2017
Farmers are not required to provide their PAN card details for cash sale of produce up to Rs. 2 lakhs per day, the revenue department said.
The fact emerged to the surface in response to the representations forwarded by the industry stakeholders. These were regarding the provisions given under the Income-tax Act, 1961 for the cash sale of agriculture produce.
The confusion originated from the section 269ST that was recently inserted into the Income Tax Act that banned such large dealings on a single day. However, the Central Board of Direct Taxes (CBDT) clarified that cash sale up to Rs. 2 lakh by the cultivator to the trader “will not” be prohibited under the section 269ST, and the former won’t have to quote their PAN either.
