Checkout Specified Financial Transactions PAN is Mandatory

Following are the transactions in which quoting of PAN is mandatory by every person except the Central government, state governments and consular offices:

  1. Sale or purchase of a motor vehicle or vehicle other than two wheeled vehicles.

  2. Opening an account (other than a time-deposit referred at point No. 12 and a Basic Savings Bank Deposit Account) with a banking company or a co-operative bank.

  3. Making an application for issue of a credit or debit card.

  4. Opening of a demat account with a depository, participant, custodian of securities or any other person with SEBI.

  5. Payment in cash of an amount exceeding Rs 50,000 to a hotel or restaurant against bill at any one time.

  6. Payment in cash of an amount exceeding Rs 50,000 in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time.

  7. Payment of an amount exceeding Rs 50,000 to a Mutual Fund for purchase of its units.

  8. Payment of an amount exceeding Rs. 50,000 to a company or an institution for acquiring debentures or bonds issued by it.

  9. Payment of an amount exceeding Rs 50,000 to the Reserve Bank of India for acquiring bonds issued by it.

  10. Deposit with a banking company or a co-operative bank:

Cash exceeding Rs 50,000 during any one day; or

Cash deposit of aggregating to more than Rs 2,50,000 during the period 09th November, 2016 to 30th December, 2016

  1. Payment in cash for an amount exceeding Rs 50,000 during any one day for purchase of bank drafts or pay orders or banker’s cheques from a banking company or a co-operative bank.

  2. A time deposit of amount exceeding Rs 50,000 or aggregating to more than Rs 5 lakh during a financial year with-

i. a banking company or a co-operative bank

ii. a Post Office;

iii. a Nidhi referred to in section 406 of the Companies Act, 2013 or

iv. a non-banking financial company

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