Now auto dealers asked to report transcations above Rs 2 lakh

Kolkata, Aug 29 (PTI) After jewellers, auto dealers havebeen asked to report transactions above Rs two lakh in respectof purchase of three-wheelers and four-wheelers. Directorate of Income Tax (criminal and investigation) S SRana today said that motor vehicle dealers would have tomandatorily quote the PAN number of buyers other thantwo-wheelers according to the provisions of new income taxrules which came into force from January, 2016. The dealers would also have to furnish details of cashtransactions above Rs two lakh for buyers who do not have PANcards in separate forms provided by the department. These details were required for any transactions above Rstwo lakh either by cash or cheque, Rana said at a meet here. The official said that the idea behind the move was totrack the course of black money generation in the system. PTIdc MDABI