PAN card is mandatory for these 20 transactions
- The government has made new amendments on the use of PAN cards.
- Here is the list of 20 transactions which cannot be made without the PAN card.
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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:
- 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.
- Vehicle purchase
- Purchase and sale of all vehicles except two wheeler.
- 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)
- Post offices
- All deposits and transactions above ₹50,000
- Sale/purchase of secured property
- All purchases/sales of secured properties above ₹1 lakh
- Bank Account
- Opening of all kinds of accounts except basic savings bank account
- BSNL/mobile connection
- For the new connection of BSNL/Mobile phone
- Hotel/Restaurant bills
- Bills that exceed ₹25,000
- (New amendment) Cash payment of above ₹50,000
- Bank Draft/Pay Order/Bankers cheque
- For amount above ₹50,000
- (New amendment) For transaction above ₹50,000 in a single day.
- Bank cash deposit
- Cash deposit above ₹50,000 at a time
- (New amendment) Cash deposit above ₹50,000 in a single day
- Foreign tour
- Cash payment of above ₹25,000
- (New amendment) Cash payment of above ₹50,000 and exchange of foreign currency.
- Credit card
- While applying for a credit card in Nationalised banks/companies/institutions.
- Not applicable for cooperative banks
- Mutual Funds units
- Payment/purchase of above ₹50,000
- 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.
- Bonds/Debentures
- Payment of above ₹50,000
- RBI Bonds
- Payment/possession of RBI bonds of above ₹50,000
- LIC premium
- Payment of premium of above ₹50,000 per annum.
- Purchase of bullion
- Payment of bills of above ₹50,000
- Sale/purchase of commodities
- Sale/purchase of commodities above ₹2 lakh
- Cash credit/prepaid/settlement act
- Payment above ₹50,000 per annum
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