When PAN is required


CA Ramsai N (Fresher)     08 December 2013

CA Ramsai N
Fresher 
 61 likes  594 points

| My Other Post

It is mandatory to quote PAN on return of income, all correspondence with any 
income tax authority. From 1 January 2005 it will be mandatory to quote PAN on 
challans for any payments due to Income Tax Department. 


It is also compulsory to quote PAN in all documents pertaining to the following 
financial transactions :-

 
(a) sale or purchase of any immovable property valued at five lakh rupees or more; 

 

(b) sale or purchase of a motor vehicle or vehicle, [the sale or purchase of a motor 
vehicle or vehicle does not include two wheeled vehicles, inclusive of any detachable 
side-car having an extra wheel, attached to the motor vehicle;] 

 

(c) a time deposit, exceeding fifty thousand rupees, with a banking company ; 
 

(d) a deposit, exceeding fifty thousand rupees, in any account with Post Office 
Savings Bank; 

 

(e) a contract of a value exceeding one lakh rupees for sale or purchase of securities;

(f) opening a bank account; 
 

(g) making an application for installation of a telephone connection (including a 
cellular telephone connection); (Sounds Surprising)

 

(h) payment to hotels and restaurants against their bills for an amount exceeding 
twenty-five thousand rupees at any one time ; 

 

(i) payment in cash for purchase of bank drafts or pay orders or banker’s cheques for 
an amount aggregating fifty thousand rupees or more during any one day; 

 

 (j) deposit in cash aggregating fifty thousand rupees or more with a bank during any 
one day; 

 

 (k) payment in cash in connection with travel to any foreign country of an amount 
exceeding twenty-five thousand rupees at any one time

 

 (l)For getting "Credit card" (new)

 

(m)Where payment of 50,000 or More for investment in Mutual Funds, Company acquiring its shares or debentures or for obtaining RBI Bonds, (new)

 

(n)Purchase of Jewellary of 5Laksh or More (new)

 

avater

GAUTAM SHARMA (Audit Assistant)     08 December 2013

GAUTAM SHARMA
Audit Assistant 
 35 likes  343 points

View Profile | My Other Post

Please refer the karnatka high court which requires "NO PAN"


Attached File : 391791 1258646 wp12780 10 05 06 2012.pdf downloaded: 69 times

sarath (CA)     09 December 2013

sarath
CA 
 7 likes  82 points

View Profile | My Other Post

Section 139A of Income Tax Gives, the Places where "Pan Need to be Used". Refer section 139A on the Link:http://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-139A


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »