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​What are the specified financial transactions in which quoting of PAN is mandatory?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 kruthika asked almost 3 years ago

Hi Friends, I am Kruthika. I am preparing for CA exam. I want to know, ​What are the specified financial transactions in which quoting of PAN is mandatory?

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

• A contract of a value exceeding one lakh rupees for sale or purchase of securities. • Opening of a bank account. In case of a minor, PAN of father, mother or guardian, as the case may be, shall be mentioned. • Payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time. • Payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time. (Travel to foreign country does not include travel to Bangladesh, Bhutan, Maldives, Nepal, Pakistan, or Sri Lanka, or travel to Saudi Arabia for Haj or travel to china on pilgrimage to Kailash Mansarover.)

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered almost 3 years ago

Following are the specified financial transactions in which quoting of PAN is mandatory: • Sale or purchase of any immovable property valued at five lakh rupees or more • Sale or purchase of a motor vehicle or vehicle (other than two wheeler vehicles). • Making a time deposit with a banking company exceeding fifty thousand rupees or deposit in Post Office Savings Bank exceeding fifty thousand rupees. • Making an application for telephone connection including cellular telephone. • Payment in cash for purchase of bank drafts or pay orders or banker's cheques for an amount aggregating to fifty thousand rupees or more during any one day or deposit in cash aggregating to fifty thousand rupees or more with a bank during any one day. • A contract of a value exceeding one lakh rupees for sale or purchase of securities. • Opening of a bank account. In case of a minor, PAN of father, mother or guardian, as the case may be, shall be mentioned.

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Picsjoin 2017224123730582 Archana answered almost 3 years ago

Hie Kruthika, **Following are the specified financial transactions in which quoting of PAN is mandatory:** • Sale or purchase of any immovable property valued at five lakh rupees or more • Sale or purchase of a motor vehicle or vehicle (other than two wheeler vehicles). • Making a time deposit with a banking company exceeding fifty thousand rupees or deposit in Post Office Savings Bank exceeding fifty thousand rupees. • Making an application for telephone connection including cellular telephone. • Payment in cash for purchase of bank drafts or pay orders or banker's cheques for an amount aggregating to fifty thousand rupees or more during any one day or deposit in cash aggregating to fifty thousand rupees or more with a bank during any one day. • A contract of a value exceeding one lakh rupees for sale or purchase of securities. • Opening of a bank account. In case of a minor, PAN of father, mother or guardian, as the case may be, shall be mentioned. • Payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time. • Payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time. (Travel to foreign country does not include travel to Bangladesh, Bhutan, Maldives, Nepal, Pakistan, or Sri Lanka, or travel to Saudi Arabia for Haj or travel to china on pilgrimage to Kailash Mansarover.) • Making an application for issue of credit card or debit card. • Payment of an amount of fifty thousand rupees or more to a Mutual Fund for purchase of its units. • Payment of an amount of fifty thousand rupees or more to a company for acquiring shares issued by it. • Payment of an amount of fifty thousand rupees or more to a company or an institution for acquiring debentures or bonds issued by it. • Payment of an amount of fifty thousand rupees or more to the Reserve Bank of India for acquiring bonds issued by it. • Payment of an amount aggregating fifty thousand rupees or more in a year as life insurance premium to an insurer. • Payment to a dealer : (i) of an amount of five lakh rupees or more at any one time; or (ii) against a bill for an amount of five lakh rupees or more for purchase of bullion or jewellery A person not holding PAN and intending to enter into the above specified transactions can furnish Form No. 60 (Form 61 in case of person having only agricultural income).

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 jitendra etikala answered almost 3 years ago

Following are the specified financial transactions in which quoting of PAN is mandatory: • Sale or purchase of any immovable property valued at five lakh rupees or more • Sale or purchase of a motor vehicle or vehicle (other than two wheeler vehicles). • Making a time deposit with a banking company exceeding fifty thousand rupees or deposit in Post Office Savings Bank exceeding fifty thousand rupees. • Making an application for telephone connection including cellular telephone. • Payment in cash for purchase of bank drafts or pay orders or banker's cheques for an amount aggregating to fifty thousand rupees or more during any one day or deposit in cash aggregating to fifty thousand rupees or more with a bank during any one day. • A contract of a value exceeding one lakh rupees for sale or purchase of securities. • Opening of a bank account. In case of a minor, PAN of father, mother or guardian, as the case may be, shall be mentioned. • Payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time. • Payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time. (Travel to foreign country does not include travel to Bangladesh, Bhutan, Maldives, Nepal, Pakistan, or Sri Lanka, or travel to Saudi Arabia for Haj or travel to china on pilgrimage to Kailash Mansarover.) • Making an application for issue of credit card or debit card. • Payment of an amount of fifty thousand rupees or more to a Mutual Fund for purchase of its units. • Payment of an amount of fifty thousand rupees or more to a company for acquiring shares issued by it. • Payment of an amount of fifty thousand rupees or more to a company or an institution for acquiring debentures or bonds issued by it. • Payment of an amount of fifty thousand rupees or more to the Reserve Bank of India for acquiring bonds issued by it. • Payment of an amount aggregating fifty thousand rupees or more in a year as life insurance premium to an insurer. • Payment to a dealer : (i) of an amount of five lakh rupees or more at any one time; or (ii) against a bill for an amount of five lakh rupees or more for purchase of bullion or jewellery A person not holding PAN and intending to enter into the above specified transactions can furnish Form No. 60 (Form 61 in case of person having only agricultural income).

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