Transactions where PAN to quote is compulsory as per Rule 114B - Income Tax - Ready Reckoner - Income Tax

Transactions where PAN to quote is compulsory as per Rule 114B of Income Tax Rules. Every person shall quote his PAN in all documents pertaining to transaction specified in below Table, namely: - Sl. No. Nature of transaction Value of transaction (1) (2) (3) 1. Sale or purchase of a motor vehicle, other than two wheeled vehicles. All such transactions. 2 Opening an account [other than a time-deposit referred to at Sl. No.12 and a Basic Savings Bank Deposit Account] with a banking company or a cooperative bank. All such transactions. 3. Making an application to any banking company or a co-operative bank or to any other company or institution, for issue of a credit or debit card. All such transactions. 4. Opening of a D-mat account. All such transactions. 5. Payment to a hotel or restaurant against a bill or bills at any one time. Payment in cash of an amount ₹ 50,000. 6. Payment in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time. Payment in cash of an amount ₹ 50,000. 7. Payment to a Mutual Fund for purchase of its units. Amount ₹ 50,000. 8. Payment to a company or an institution for acquiring debentures or bonds issued by it. Amount ₹ 50,000. 9. Payment to the RBI, for acquiring bonds issued by it. Amount ₹ 50,000. 10. Deposit with,- (i) a banking company or a cooperative bank; (ii) Post Office. Cash deposits,- (i) exceeding ₹ 50,000 during any one day; or (ii) aggregating to more than ₹ 2,50,000 during the period 09th November, 2016 to 30th December, 2016. 11. Purchase of bank drafts or pay orders or banker s cheques from a banking company or a co-operative bank. Payment in cash for an amount ₹ 50,000 during any one day. 12. A time deposit with, - (i) a banking company or a co-operative bank; (ii) a Post Office; (iii) a Nidhi; or (iv) a NBFC. Amount exceeding ₹ 50,000 or aggregating to more than ₹ 5,00,000 during a financial year. 13. Payment for one or more pre-paid payment instruments, as defined in the policy guidelines for issuance and operation of pre-paid payment instruments issued by RBI, or a banking company or a co-operative bank or to any other company or institution. Payment in cash or by way of a bank draft or pay order or banker s cheque of an amount aggregating to more than ₹ 50,000 in a financial year. 14. Payment as life insurance premium to an insurer. Amount aggregating to ₹ 50,000 in a financial year. 15. A contract for sale or purchase of securities (other than shares). Amount exceeding ₹1,00,000 per transaction. 16. Sale or purchase, by any person, of shares of a company not listed in a recognised stock exchange. Amount exceeding ₹1,00,000 per transaction. 17. Sale or purchase of any immovable property. Amount ₹ 10,00,000 or SDV ₹ 10,00,000. 18. Sale or purchase, by any person, of goods or services of any nature other than those specified at Sl. No. 1 to 17 of this Table, if any. Amount ₹ 2,00,000 per transaction. Following points to consider in case of quoting PAN: Minor not having any income taxable in his hands, can enter into the above transactions by quoting the PAN of his parents or guardian. Any person not being a company or firm who does not have a PAN and who enters into any transaction specified in this rule, he shall make a declaration in Form No.60 giving therein the particulars of such transaction either in paper form or electronically under the electronic verification code in accordance with the procedures, data structures, and standards specified by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) A foreign company who, (i) does not have any income chargeable to tax in India; and (ii) does not have a permanent account number, and (iii) enters into any transaction referred to at Sl. No. 2 or 12 of the Table, in an IFSC banking unit, shall make a declaration in Form No. 60 The provisions of this rule shall not apply to the following class or classes of persons, namely:- (i) the Central Government, the State Governments and the Consular Offices; (ii) the non-residents in respect of the transactions other than a transaction referred to at Sl. No. 1 or 2 or 4 or 7 or 8 or 10 or 12 or 14 or 15 or 16 or 17 of the Table. A person who has an account (other than a time deposit referred to at S.No.12 of the Table and a Basic Saving Bank Deposit Account) maintained with a banking company or a cooperative bank to which the Banking Regulation Act, 1949, applies (including any bank or banking institution referred to in section 51 of that Act) and has not quoted his permanent account number or furnished Form No. 60, as the case may be, at the time of opening of such account or subsequently, he shall furnish his PAN or Form No. 60, as the case may be, to the person specified in Rule 114C(1)(c) on or before the 30th day of June, 2017.