PAN card is mandatory for these 20 transactions

 

Permanent Account Number (PAN) is a code that acts as an identification for Indian nationals, especially those who pay the Income Tax. It is a unique, 10-character alpha-numeric identifier, issued to all judicial entities identifiable under the Indian Income Tax Act, 1961. Here are the 20 transactions for which PAN is compulsory:

1. Immovable property:

• Sale and purchase of immovable property above ₹5 lakh.
• (New amendment) Stamp duty fees for properties above ₹10 lakh.
• (New amendment) In case of joint property PAN number of each party.

2. Vehicle purchase

• Purchase and sale of all vehicles except two wheeler.

3. Time deposit

• Time deposit of above ₹50,000 in nationalised banks
• (New amendment) Deposits in cooperative banks, mutual funds and NBFCs (Non Banking Financial Companies)

4. Post offices

• All deposits and transactions above ₹50,000

5. Sale/purchase of secured property

• All purchases/sales of secured properties above ₹1 lakh

6. Bank Account

• Opening of all kinds of accounts except basic savings bank account

7. BSNL/mobile connection

• For the new connection of BSNL/Mobile phone

8. Hotel/Restaurant bills

• Bills that exceed ₹25,000
• (New amendment) Cash payment of above ₹50,000

9. Bank Draft/Pay Order/Bankers cheque

• For amount above ₹50,000
• (New amendment) For transaction above ₹50,000 in a single day.

10. Bank cash deposit

• Cash deposit above ₹50,000 at a time
• (New amendment) Cash deposit above ₹50,000 in a single day

11. Foreign tour

• Cash payment of above ₹25,000
• (New amendment) Cash payment of above ₹50,000 and exchange of foreign currency.

12. Credit card

• While applying for a credit card in Nationalised banks/companies/institutions.
• Not applicable for cooperative banks

13. Mutual Funds units

• Payment/purchase of above ₹50,000

14. Company shares

• Purchasing of shares above ₹50,000
• (New amendment) Opening of Demat account
• (New amendment) For every sale/purchase of shares above ₹1 lakh.

15. Bonds/Debentures

• Payment of above ₹50,000

16. RBI Bonds

• Payment/possession of RBI bonds of above ₹50,000

17. LIC premium

• Payment of premium of above ₹50,000 per annum.

18. Purchase of bullion

• Payment of bills of above ₹50,000

19. Sale/purchase of commodities

• Sale/purchase of commodities above ₹2 lakh

20. Cash credit/prepaid/settlement act

• Payment above ₹50,000 per annum