Know about 18 Financial Transactions in which Quoting of PAN is Mandatory?

Know about 18 Financial Transactions in which quoting of PAN is Mandatory?

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Created By Admin Last Updated Mon, 12-Oct-2020

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):


Transactions specified in rule 114B

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