Question:
In an attempt to curb black money, the Government has made PAN mandatory for all financial transactions exceeding Rupees:
In an attempt to curb black money, the Government has made PAN mandatory for all financial transactions exceeding Rupees:
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PAN is mandatory for financial transactions exceeding Rs. 2 lakhs to curb black money.
Updated On: Aug 18, 2025
- 4 lakhs
- 3 lakhs
- 2 lakhs
- 1 lakh
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The Correct Option is C
Solution and Explanation
In order to curb black money and ensure tax compliance, the Government of India made PAN (Permanent Account Number) mandatory for all financial transactions exceeding Rs. 2 lakhs. This move is part of the government's efforts to trace unaccounted transactions and income.
- Option (A) 4 lakhs: This is not the threshold for mandatory PAN usage.
- Option (B) 3 lakhs: This is also incorrect as the limit is 2 lakhs.
- Option (D) 1 lakh: The threshold is higher than this amount.
- Option (A) 4 lakhs: This is not the threshold for mandatory PAN usage.
- Option (B) 3 lakhs: This is also incorrect as the limit is 2 lakhs.
- Option (D) 1 lakh: The threshold is higher than this amount.
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