Rules for mandatory quoting of Permanent Account Number (PAN)


Rules for mandatory quoting of Permanent Account Number (PAN)
Every person shall quote his PAN in all his challans, returns and correspondence with income tax authority .
Besides that quoting PAN in all documents pertaining to transactions specified in Rule 114B.
1) Sale or Purchase of Motor vehicle ( other than two wheelers ) irrespective of the value.
2) Opening a Bank account ( other than savings bank and time -deposit account ).
3) while applying credit card / Debit card.
4) Opening a DEMAT account.
5) Payment to hotel / Restaurant exceeding  ₹50,000 in cash.
6) Payment in connection to foreign travel or payment of purchase of foreign currency at any time in cash exceeding ₹50,000.
7) Payment to any mutual fund for purchase of its units of an amount exceeding ₹50,000.
8) Payment to a company or an institution for acquiring debentures or bonds issued by it of an amount exceeding ₹50,000.
9) payment to RBI for acquiring bonds issued by it exceeding ₹50,000.
10) Deposit cash with bank exceeding ₹50,000 in one day.
11) Purchase of bank drafts, pay orders, bankers cheque in cash exceeding ₹50,000.
12) A time – deposit with bank /co-operative bank / Post office/ Nidhi / non banking financial company payment in cash of ₹50,000 or aggregate of ₹5,00,000 in a financial year.
13) Payment as life insurance premium to insurer for aggregate amount of more than ₹50,000 in a financial year.
14) A contract for sale or purchase of securities other than sahres for exceeding. ₹1,00,000 payment in one transaction.
15) sale or purchase by any person, of shares in company not listed in stock exchange when payment exceeds ₹ 1,00,000 in each transaction.
16) sale or purchase of any movable property for an amount exceeding  ₹ 10,00,000.