These are some transactions for which quoting permanent account number (PAN) is necessary to do the transaction. We often do not know about which transaction can be done without PAN number. So these are some transactions in which quoting PAN number is necessary to do the transactions.
- Sale or purchase of any immovable property valued 5 Lakh rupees or more.
- Sale or purchase of any motor vehicle (other than two wheeler) which requires registration under motor vehicle act 1988.
- Fixed deposit more than 50000 rupees with a bank.
- Deposit exceeding Rs. 50000 in any bank or post office.
- Sale or purchase of shares, debentures exceeding Rs. 1 lakh.
- Opening a current or saving account in bank.
- Making an application for installation of a telephone connection including cellular connection.
- Payment of hotel/restaurants exceeding Rs. 25000 at a time.
- Payment in cash for a bank draft/banker cheque/pay order for a bank aggregating Rs. 50000 or more during one day.
- Cash payment in connection with travel to any foreign country of an amount exceeding Rs. 25000 or more at any one time.
- An application to the bank applying for debit or credit card.
- Payment of an amount of Rs. 50000 or more to a mutual fund for purchase of its unit.
- Payment of an amount of Rs. 50000 or more to a company for acquiring shared issued by it.
- Payment of an amount of Rs. 50000 or more to a company/institution for acquiring debentures or bonds issued by it.
- Payment of an amount of Rs. 50000 or more to the RBI for acquiring bonds issued by it.
- Payment of an amount of Rs. 50000 or more in a year as LIC premium to an insurer.
- Payment to a dealer of an amount of Rs. 5 lakh or more at any one time or against a bill for an amount of Rs. 5 lakh or more in the case for purchase of bullion or jewellery.
Persons exempt from quoting PAN while entering into above transactions.
- Person having agriculture income only. However, such a person is required to furnish a declaration in Form no. 61 in respect of such transaction.
- Non-resident persons.
- The Central/State Government.
- Any person who does not have PAN but makes payment in cash (otherwise than by crossed cheque or through a credit card for any of the above transactions. However, such a person is required to furnish a declaration in Form No. 60 in respect of such transaction.
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