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18 Transactions: Where PAN is Mandatory

18 Transactions_ Where PAN is Mandatory(1)

18 Transactions where quoting of PAN Number is Mandatory

In following 18 transactions quoting of PAN is mandatory by every person (Exception: Central Govt., State Govt. and the Consular)

1) Sale or purchase of vehicle other than two wheeler. (Example- Purchase or Sale of Car will require PAN but the same is not required in case of Bike)

2) Opening an account with any Bank [Exception: Savings Bank Account and Fixed Deposit Account other than Point 12].

3) Request for issue of a Debit or Credit card.

4) Opening of a Demat account.

5) One time payment in cash exceeding Rs. 50,000 to a hotel or restaurant.

6) One time payment in cash exceeding Rs. 50,000 for travel to any foreign country or purchase of any foreign currency.

7) Payment exceeding Rs. 50,000 for purchase of Mutual Fund

8) Payment exceeding Rs. 50,000 for purchase of debentures or bonds of Company or Institution.

9) Payment exceeding Rs. 50,000 for purchase of bonds issued by RBI.

10) Depositing cash exceeding Rs. 50,000 during in one day with a bank.

11) Payment in cash exceeding Rs. 50,000 in one day for purchase of bank drafts or pay orders or banker’s cheques.

12) A Fixed Deposit for exceeding Rs. 50,000 or aggregate more than Rs. 5 lakh during a financial year with any Bank, Nidhi Company or NBFC.

13) Payment exceeding Rs. 50,000 for Life Insurance Premium.

14) A contract for sale or purchase of securities (other than shares) for amount exceeding Rs. 1 lakh per transaction.

15) Sale or purchase of shares of a company not listed in a recognised stock exchange for exceeding Rs. 1 lakh per transaction.

16) Sale or purchase of any immovable property for an amount exceeding Rs. 10 lakh or valuation of which exceed Rs. 10 lakh as per Stamp Valuation Authority.

17) Sale or purchase of goods or services other than those specified above exceeding Rs. 2 lakh per transaction.

18) Every person other than Individual (i.e Company, Firm, HUF, AOP, etc.) where financial transactions in aggregate exceed Rs. 2,49,000 in any financial year shall be required to apply PAN.

NOTE:

1) If a Minor does not have any income chargeable to income-tax, he/she can quote PAN of his father or mother or guardian.

2) Any person enters into any of above transaction without holding PAN, he/she can make a declaration in Form No.60.

3) In Point No. 3,5,6,9,11 and 18 quoting of PAN is not required for a non-resident.

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