You are using an outdated browser. Please upgrade your browser to improve your experience.
1) During purchase/ sale of immovable property exceeding Rs 10 lakh.
2) While making a time deposit with any financial institution like Co-op banks, Post Office, Nidhi and NBFC.
3) At the time of opening any form of bank account except opening of a no-frills bank account such as a Jan Dhan Account.
4) For payment of hotel or restaurant bills exceeding Rs 50,000 at any one point through any mode of payment.
5) PAN should be quoted for purchase of bank drafts/ pay orders/ banker’s cheques exceeding Rs 50,000 on a single day.
6) Cash deposit exceeding Rs.50,000/- in a single day. 7) For purchase of foreign currency or cash payment related to foreign travel exceeding Rs.50,000/-
8) Payment in excess of Rs 50,000 for purchase of mutual fund units.
9) For opening a demat account.
10) Purchase or sale of shares of an unlisted company for an amount exceeding Rs1 lakh per transaction.
11) Payment exceeding Rs.50,000 for purchase of Debentures/ bonds.
12) Payment exceeding Rs.50,000 for purchase of RBI bonds
13) Payment exceeding Rs.50,000/- in a year as life insurance premium
14) Cash payment aggregating to more than Rs.50,000 in a year towards cash cards/ prepaid instruments issued under Payment & Settlement Act All the instances mentioned above come under Rule 114B of the Income-tax Act.
According to the Ministry of Finance, “The changes in the rules are expected to be useful in widening the tax net by non-intrusive methods. They are also expected to help in curbing black money and move towards a cashless economy.”
Also, the Pension fund regulatory body PFRDA has started using PAN instead of Aadhaar for validation of new customers who can now be registered online under the National Pension System (NPS) scheme.
(vi) the value of any other fringe benefit or amenity as may be prescribed.
PAN CARD WILL BE MANDATORY FOR FROM 1 JAN 2016
At CAKART www.cakart.in you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit www.cakart.in and chat with our counsellors any time. We are happy to help you make successful in your exams.
Click here to download FREE CA CS CMA books.
Sharing is caring! Share this article with your friends!
Subscribe to our YouTube channel to get all videos for your exam
SIGN UP and GET FREE
Unlimited downloads - Book/pdf/notes/charts
Unlimited demo video lecture access
Unlimited access to best articles/QA forum
All finance exams and domains covered
Important Note – Preparing for Home?
CAKART provides India's top Home faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get Home video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below –