For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

13 Financial Transactions Where Quoting PAN is Mandatory

Quoting PAN is necessary as it enables the department to link all transactions of the assessee with the tax department.

|

A Permanent Account Number (PAN) Card is compulsory in India for a number of transactions.

 

Quoting PAN is necessary as it enables the department to link all transactions of the assessee with the tax department.

 

Tracing information on assessee and matching of various investments, borrowings and other business activities of assessee will be possible.

13 Financial Transactions Where Quoting PAN is Mandatory

1. Sale or purchase of immovable property valued at Rs 5 lakh or more.

2. Sale or purchase of a motor vehicle or vehicle.

3. While depositing an amount exceeding fifty thousand rupees in Post Office Savings Bank or any bank account.

4. Making an application for telephone connection including cellular telephone.

5. Quoting PAN is mandatory when you purchase a bank drafts or pay orders or banker's cheques for an amount aggregating to fifty thousand rupees.

6. A contract of a value exceeding one lakh rupees for sale or purchase of securities.

7. During opening of a bank account. In case of a minor, PAN of father, mother or guardian, as the case may be, shall be mentioned.

8. Any payment made to hotels and restaurants for their bills exceeding twenty-five thousand rupees at any one time.

9. Payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time.

10. Making an application for issue of credit card or debit card.

11. During the purchase of Mutual Fund units or purchase of shares if an amount exceeds fifty thousand rupees or more.

12. While acquiring debentures or bonds issued by a company or institution or RBI of an amount of fifty thousand rupees or more.

13. Payment of an amount aggregating fifty thousand rupees or more in a year as life insurance premium to an insurer.

A person not holding PAN and intending to enter into the above specified transactions can furnish Form No. 60 (Form 61 in case of person having only agricultural income)

GoodReturns.in

Read more about: pan card
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X