2 Jan 2014

Quoting of Permanent Account Number (PAN)

Quoting of PAN  

If you are allotted a PAN card by income tax department then quoting of PAN is mandatory in all documents pertaining to the following prescribed transactions:

(a)   In  Income tax returns
(b)   In all challans for payment of tax
(c)   Sale or purchase of property valued at Rs. 5 lakh or more
(d)   Cash deposit in bank or  making demand draft/pay order/banker’s cheque exceeding Rs. 50,000
(e)   Sale or purchase of securities exceeding value of Rs. 1 lakh
(f)    Opening a bank account. If person do not have a PAN he will have to fill the prescribed form quoting that he does not hold any PAN and give reasons for the same.
(g)   Bill payments of hotels and restaurants exceeding Rs. 25,000 at any one time
(h)   Cash payments in excess of Rs. 25,000 in connection with travel to any foreign country at any one time.
(i)    Application for issue of Credit Card to bank.
(j)     Making an application for the following purposes involving payments of any amount exceeding Rs. 50,000-

Ø                   for purchase of mutual funds
Ø                   for acquiring shares of a company through public issue
Ø                   for acquiring debentures of a company or institution
Ø                   for acquiring bonds of Reserve Bank of India

                          Click Link to Download PAN Card form

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