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For cash transactions above what amount is the PAN card mandatory as per Section 269ST of the Income Tax Act?

1. ₹50,000
2. ₹1,00,000
3. ₹1,50,000
4. ₹2,00,000

Correct answer: ₹2,00,000

Solution

Section 269ST of the Income Tax Act (inserted by Finance Act 2017) prohibits any person from receiving an amount of ₹2,00,000 or more: (a) in aggregate from a single person in a day, (b) in respect of a single transaction, or (c) in respect of transactions relating to one event. Violation attracts a penalty equal to the amount received. PAN card is required for large cash transactions to track and prevent tax evasion.

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