PAN Card is Mandatory on Following Services

PAN Card is Obligatory on Following Services from 01-01-2016 For the Function of Stop Black Cash and Increasing in Cash Less Deals Income Tax Department Issued New Rules for PAN Card, Here we are providing complete details for New Solutions Where PAN card is Necessary from 1st January2016 All New Rules are suitable from 01-01-2016 CAknowledge.in Giving Details for all deal where PAN Card is Mandatory.

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PAN Card is Necessary on Following Solutions

Life Style Segment

  • If your Hotel or Restaurant bill is more than Rs 50000 and if you desire to pay in cash then you will require to supply PAN information.
  • If you Purchase Jewellery or other products then you will need to offer PAN Details on all deal above Rs 2,00,000

    Saving or Financial Investment Segment

    • If you can do deal (Time Deposit) more then Rs 5,00,000(Yearly) on any bank plan, Post Workplace Plan, Nidhi, NBFC, or Deposit Plan then you will need to Supply PAN Card Information.
    • If you invest More than 50,000(Yearly) in Mutual funds then you will require to provide PAN card Details.
    • If you are invested More than 1,00,000(Yearly) for Opening Demat Account, Purchasing of Shares in any unlisted company then you will require to Offer PAN Card Information.
    • If you invest More than 50,000(Yearly) in Bonds then you will require to supply PAN card Information.
    • If you are paying more then 1,00,000(Yearly) for Premium of any LIC and Other Insurance Polices then you will need to Offer PAN Card Details.

    Banking Sector

    • If you make Draft for Rs 50,000 or more then you will require to Offer PAN Card Information.
    • If you do transaction of Rs 50,000 or More by Check then you will require to Offer PAN Card Details.
    • If you can transfer more then 50,000 in Money then you will require to Supply PAN Card Information.

      Genuine State Segment

      • Sale/ purchase going beyond Rs.10 lakh will likewise require PAN Details.

        Details In Tabular Format

        Transaction PAN requirement
        1. Unmovable property i. Sale/ purchase surpassing Rs.10 lakh;.
        2 Motor car (other than two wheeler) All sales/purchases
        3. Time deposit i. Deposits with Co-op banks, Post Workplace, Nidhi, NBFC business will also need PAN;.

        ii. Deposits aggregating to more than Rs.5 lakh throughout the year will likewise need PAN

        4. Sale or purchase of securities No change
        5. Opening an account (other than time deposit) with a banking business. i. Basic Cost savings Bank Deposit Account excluded (no PAN requirement for opening these accounts);.

        ii. Co-operative banks likewise to comply

        6. Hotel/restaurant bill( s) Money payment going beyond Rs.50,000/-.
        7. Cash purchase of bank drafts/ pay orders/ lender’s cheques Going Beyond Rs.50,000/- on any one day.
        8. Cash deposit with banking company Cash deposit going beyond Rs.50,000/- in a day.
        9. Foreign travel Money payment in connection with foreign travel or purchase of foreign currency of a quantity going beyond Rs.50,000/- at any one time (including fare, payment to take a trip representative)
        10 Shared fund units Payment exceeding Rs.50,000/- for purchase.
        11 Shares of company i. Opening a demat account;. Purchase of jewellery/bullion Deleted and merged with next product in this table
        16 Purchases or sales of items or services Purchase/ sale of any items or services going beyond Rs.2 lakh per transaction. Money cards/ pre-paid instruments provided under Payment & Settlement Act Cash payment aggregating to more than Rs.

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