Know about 18 Financial Transactions in which Quoting of PAN is Mandatory?
Know about 18 Financial Transactions in which quoting of PAN is Mandatory?
General
Know about 18 Financial Transactions in which quoting of PAN is Mandatory?
Each individual shall quote his permanent account number (PAN) in all his returns/challans/correspondence with any income-tax authority. Additionally, every individual shall quote his PAN in all documents relating to the transactions determined in rule 114B and given in the table (infra):
|
|
Value of Transaction |
|
|
1. |
Sale or purchase of a motor vehicle (other than two wheeler) |
All such transactions |
|
2. |
Opening an account [other than a time-deposit referred to at Sl. No. 12 and a Basic Savings Bank Deposit Account] with a bank/co-operative bank |
All such transactions |
|
3. |
Making an application to a bank/co-operative bank/any other company or institution, for the issue of a credit or debit card |
All such transactions |
|
4. |
Opening of a Demat account |
All such transactions |
|
5. |
Payment to a hotel or restaurant against a bill or bills at any one time |
Payment in cash of an amount exceeding Rs. 50,000 |
|
6. |
Payment in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time. |
Payment in cash of an amount exceeding Rs. 50,000 |
|
7. |
Payment to a Mutual Fund for purchase of its units |
Amount exceeding Rs. 50,000 |
|
8. |
Payment to a company or an institution for acquiring debentures/bonds issued by it |
Amount exceeding Rs. 50,000 |
|
9. |
Payment to the RBI for acquiring bonds issued by it |
Amount exceeding Rs. 50,000 |
|
10. |
Deposit with a bank/co-operative bank |
Deposits in cash exceeding Rs. 50,000 during any one day or exceeding Rs. 2,50,000 during November 9, 2016, and December 30, 2016 |
|
11. |
Purchase of bank drafts/pay orders/banker’s cheques from a bank/co-operative bank |
Payment in case for an amount exceeding Rs. 50,000 during any one day |
|
12. |
A time deposit with bank/co-operative bank/post office/Nidhi/non-banking financial company |
Amount exceeding Rs. 50,000 or aggregating to more than Rs. 5,00,000 during a financial year |
|
13. |
Payment for one or more pre-paid payment instruments to a bank/co-operative bank/any other company or institution |
Payment in cash or by way of a bank draft/pay order/banker’s cheque of an amount aggregating to more than Rs. 50,000 in a financial year |
|
14. |
The payment as life insurance premium to an insurer |
Amount aggregating to more than Rs. 50,000 in a financial year |
|
15. |
A contract for sale or purchase of securities (other than shares) |
Amount exceeding Rs. 1,00,000 per transaction |
|
16. |
Sale or purchase, by any person, of shares in a company not listed in a recognised stock exchange |
Amount exceeding Rs. 1,00,000 per transaction |
|
17. |
Sale or purchase of any immovable property |
Amount exceeding Rs. 10,00,000 or valued by stamp valuation authority referred to in section 50C at an amount exceeding Rs. 10,00,000 |
|
18. |
Sale or purchase, by any person, of goods or services of any nature other than those specified at Sl. Nos. 1 to 17 above |
Amount exceeding Rs. 2,00,000 per transaction |
