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.

  1. Vehicle purchase
  • Purchase and sale of all vehicles except two wheeler.

  1. 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)

  1. Post offices
  • All deposits and transactions above ₹50,000
  1. Sale/purchase of secured property
  • All purchases/sales of secured properties above ₹1 lakh

  1. Bank Account
  • Opening of all kinds of accounts except basic savings bank account

  1. BSNL/mobile connection
  • For the new connection of BSNL/Mobile phone

  1. Hotel/Restaurant bills
  • Bills that exceed ₹25,000
  • (New amendment) Cash payment of above ₹50,000

  1. Bank Draft/Pay Order/Bankers cheque
  • For amount above ₹50,000
  • (New amendment) For transaction above ₹50,000 in a single day.

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

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

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

  1. Mutual Funds units
  • Payment/purchase of above ₹50,000

  1. 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.

  1. Bonds/Debentures
  • Payment of above ₹50,000

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

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

  1. Purchase of bullion
  • Payment of bills of above ₹50,000

  1. Sale/purchase of commodities
  • Sale/purchase of commodities above ₹2 lakh

  1. Cash credit/prepaid/settlement act
  • Payment above ₹50,000 per annum