Where quoting PAN is necessary
All existing assesses or taxpayers or persons who are required to furnish a return of income, either on behalf of self or others, must obtain PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN.
- Sale/Purchase of Immovable Property valued more than ₹ 10 lakh.
- Sale/Purchase of all four-wheeler vehicles.
- Time Deposit with banks aggregating more than ₹ 5 lakh per annum.
- Opening an account with a banking company.
- Foreign Travel
- Cash purchase of /pay orders / banker’s cheques exceding ₹50,000 a day
- Payment of mutual funds exceeding ₹ 50,000.
- Payment of Life Insurance Premium exceeding ₹ 50,000 a year.
- Purchase/Sales of goods/services exceeding ₹ 2 lakh per transaction.
- For getting Subsidy on Gas Cylinders/PNG..