What are the specified financial transactions in which quoting of PAN is mandatory?
Rule 114B of Income tax rule – , following are the transactions in which quoting of PAN (Permanent Account Number) is mandatory by every person except the Central Government, the State Governments and the Consular Offices:
- Sale or purchase of a motor vehicle or vehicle other than two wheeled Motor vehicles.
- Opening an account [other than a time deposit referred at point No 12 (a banking company or a co-operative bank ) and a Basic Savings Bank Deposit A/C Account] with a banking company or a co-operative bank
- Making an application for issue of a credit card or debit card.
- Opening of a demat account with a depository, participant, custodian of securities or any other person with SEBI (Securities and Exchange Board of India)
- Payment in cash of an amount exceeding 50,000 Rupees to a hotel or restaurant against bill at any one time.
- Payment in cash of an amount exceeding 50,000 Rupees in connection with travel to any foreign country or Amount paid for purchase of any foreign currency at any one time.
- Payment of an amount exceeding 50,000 Rupees to a Mutual Fund for purchase of its units
- Payment of an amount exceeding 50,000 Rupees to a company or an institution for acquiring debentures or bonds issued by it.
- Payment of an amount exceeding 50,000 Rupees to the Reserve Bank of India for acquiring bonds issued by it.
- Deposit with Bank and Co-operative Bank 9a banking company or a co-operative bank): –
- Cash exceeding 50,000 Thousand Rupees during any one day; or
- Cash deposit of aggregating to more than 2,50,000 Rupees during the period 09th Nov 2016 to 30th Dec-2016
- Payment in cash for an amount exceeding 50,000 Rupees during any one day for purchase of bank drafts or pay orders or banker’s cheques from a banking company or a co-operative bank.
A time deposit of amount exceeding 50,000 Rupees or aggregating to more than 5 lakhs rupees during a financial year with –
- a banking company or a co-operative bank
- a Post Office;
- a Nidhi Company referred to in section 406 of the Companies Act, 2013 or
- a non-banking financial company
- Payment in cash or by way of a bank draft or pay order or banker’s cheque of an amount aggregating to more than 50,000 Rupees in a (FY) financial year. for one or more pre-paid payment instruments, as defined in the policy guidelines for issuance and operation of pre-paid payment instruments issued by (RBI) Reserve Bank of India under section 18 of the Payment and Settlement Systems Act- 2007 to a banking company or a co-operative bank or to any other company or institution, Financial institution.
- Payment of an amount aggregating to more than 50,000 Rupees in a financial year as life insurance premium to an insurer
- A contract for sale or purchase of securities (other than shares) for amount exceeding 1 lakh Rupees per transaction
- Sale or purchase, by any person, of shares of a company not listed in a recognised stock exchange for amount exceeding 1 lakh Rupees per transaction.
- Purchases and sales of any immovable property for an Value exceeding 10 (ten) Lac Rupees or valued by stamp valuation authority referred to in section 50C of the Act at an amount exceeding 10 (ten) lakh rupees.
- Sales or purchase of goods or services or both of any nature other than those specified above for an amount exceeding 2 lac Rupees per transaction.
- Minor person can quote PAN (Permanent Account Number) of his father or mother or guardian provided he does not have any income chargeable to income-tax.
- Any person, who does not have PAN (Permanent Account Number) and enters into any of above transaction, can make a declaration in Form No.60.
- Quoting of PAN (Permanent Account Number ) is not required by a non-resident in a transaction referred at point No. 3 or point No 5 or point No 6 or point No 9 or point No 11 or point No 13 or point No 18.