{"id":402,"date":"2016-01-05T11:08:30","date_gmt":"2016-01-05T05:38:30","guid":{"rendered":"https:\/\/blog.ritulpatwa.com\/?p=402"},"modified":"2016-01-05T12:34:28","modified_gmt":"2016-01-05T07:04:28","slug":"income-tax-requirement-for-mandatory-quoting-of-permanent-account-number-pan","status":"publish","type":"post","link":"https:\/\/blog.ritulpatwa.com\/?p=402","title":{"rendered":"INCOME TAX REQUIREMENT FOR MANDATORY QUOTING OF PERMANENT ACCOUNT NUMBER (PAN)"},"content":{"rendered":"

The government has rationalised the requirements of financial transactions, where quoting of Permanent Account Number (PAN) is mandatory w.e.f. 01-01-2016 by amending the Rules 114B of Income Tax Rules.<\/p>\n

We are noting below the comparative analysis of the requirements for mandatory quoting of PAN for various transactions:-<\/span><\/span><\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

S.NO.<\/p>\n<\/td>\n

\n

NATURE OF TRANSACTION<\/p>\n<\/td>\n

\n

MANDATORY QUOTING OF PAN(RULE 114B)<\/p>\n<\/td>\n<\/tr>\n

\n

REQUIREMENT TILL 31-12-15<\/p>\n<\/td>\n

\n

REQUIREMENT w.e.f. 01-01-2016<\/p>\n<\/td>\n<\/tr>\n

1<\/td>\nImmovable property<\/td>\nSale\/Purchase valued at Rs.5 lakh or more<\/td>\ni)Sale\/purchase exceeding Rs.10 lakh;ii)Properties valued by stamp valuation authority at amount exceeding Rs.10 lakh will also need PAN<\/td>\n<\/tr>\n
2<\/td>\nMotor vehicle(other than two wheeler)<\/td>\nAll sale\/purchases<\/td>\nNo change<\/td>\n<\/tr>\n
3<\/td>\nTime deposits<\/td>\nTime deposit exceeding Rs. 50,000 with a banking company<\/td>\ni)Deposit With co-op banks, Post office, Nidhi, NBFC, companies will also need PANii)Deposit aggregating to more than Rs. 5 Lakh During the year will also need PAN<\/td>\n<\/tr>\n
4<\/td>\nDeposit withPost office saving bank<\/td>\nExceeding Rs.50,000<\/td>\nDiscontinued<\/td>\n<\/tr>\n
5<\/td>\nSale or purchase of securities<\/td>\nContract for sale\/purchase of a value exceeding RS.1 lakh<\/td>\nNo change<\/td>\n<\/tr>\n
6<\/td>\nOpening\u00a0 an account (other than time\u00a0 deposit) with a banking company<\/td>\nAll new accounts<\/td>\ni)Basic saving Bank Deposit Account Excluded (No PAN requirement for opening\u00a0 these accounts);ii)Co-operative banks also to comply<\/td>\n<\/tr>\n
7<\/td>\nInstallation of telephone\/cell phone connection<\/td>\nAll instances<\/td>\nDiscontinued<\/td>\n<\/tr>\n
8<\/td>\nHotel\/restaurant bill(s)<\/td>\nExceeding Rs. 25,000 at any one time (by any mode of payment)<\/td>\nCash payment exceeding Rs. 50,000<\/td>\n<\/tr>\n
9<\/td>\nCash purchase of bank drafts\/pay orders\/banker\u2019s cheques<\/td>\nAmount aggregating to Rs.50,000 or more during any one day<\/td>\nExceeding Rs.50,000 on any one day<\/td>\n<\/tr>\n
10<\/td>\nCash deposit with banking company<\/td>\nCash aggregating\u00a0 to Rs.50,000 or more during any one day<\/td>\nCash Deposit \u00a0exceeding Rs.50,000 in a day<\/td>\n<\/tr>\n
11<\/td>\nForeign travels<\/td>\nCash payment in connection with foreign travels of an amount exceeding Rs.25,000 at any one time (including fare, payment to travel agent, purchase of forex)<\/td>\nCash payment in connection with foreign travels or purchase of foreign currency of an amount exceeding Rs.50,000 at any one time (including fare, payment to travel agent)<\/td>\n<\/tr>\n
12<\/td>\nCredit card<\/td>\nApplication to banking company\/any other company\/institution for credit card<\/td>\nNo changeCo-operative banks also comply<\/td>\n<\/tr>\n
13<\/td>\nMutual fund unit<\/td>\nPayment of Rs.50,000 or more for purchase<\/td>\nPayment exceeding Rs.50,000 for purchase<\/td>\n<\/tr>\n
14<\/td>\nShare of company<\/td>\nPayment of Rs.50,000 or more to a company for acquiring its share<\/td>\ni)Opening a\u00a0 Demat accountii)Purchase or sale of shares of an unlisted company for an amount exceeding Rs. 1 lakh per transaction<\/td>\n<\/tr>\n
15<\/td>\nDebenture\/bonds<\/td>\nPayment of Rs.50,000 or more to a company\/institution for acquiring its debentures\/bonds<\/td>\nPayment exceeding Rs.50,000<\/td>\n<\/tr>\n
16<\/td>\nRBI bonds<\/td>\nPayment of Rs.50,000 or more to RBI for acquiring its bond<\/td>\nPayment exceeding Rs.50,000<\/td>\n<\/tr>\n
17<\/td>\nLife insurance premium<\/td>\nPayment of Rs.50,000 or more in a year as premium to an insurer<\/td>\nPayment exceeding Rs.50,000 in a year<\/td>\n<\/tr>\n
18<\/td>\nPurchase of jewellery\/bullion<\/td>\nPayment of Rs.5 lakh or more at any one time or against a bill<\/td>\nDeleted and merged with next item in this table<\/td>\n<\/tr>\n
19<\/td>\nPurchase or sale of goods or services<\/td>\nNo requirement<\/td>\nPurchase\/sale of any goods or services exceeding Rs.2 lakh per transaction<\/td>\n<\/tr>\n
20<\/td>\nCash cards\/prepaid instruments issued under Payment & Settlement Act<\/td>\nNo requirement<\/td>\nCash payment aggregating to more than Rs.50,000 in a year<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The government has rationalised the requirements of financial transactions, where quoting of Permanent Account Number (PAN) is mandatory w.e.f. 01-01-2016 by amending the Rules 114B of Income Tax Rules. We are noting below the comparative analysis of the requirements for mandatory quoting of PAN for various transactions:- S.NO. NATURE OF TRANSACTION MANDATORY QUOTING OF PAN(RULE …<\/p>\n

INCOME TAX REQUIREMENT FOR MANDATORY QUOTING OF PERMANENT ACCOUNT NUMBER (PAN)<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[4],"tags":[177,178,179,180,181],"class_list":["post-402","post","type-post","status-publish","format-standard","hentry","category-chartered-accountants-ca","tag-changes-in-the-requirement-for-quoting-of-pan","tag-income-tax-pan-requirements","tag-pan","tag-pan-mandatory-transaction","tag-transactions-that-require-pan-card"],"_links":{"self":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts\/402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=402"}],"version-history":[{"count":4,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts\/402\/revisions"}],"predecessor-version":[{"id":406,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=\/wp\/v2\/posts\/402\/revisions\/406"}],"wp:attachment":[{"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.ritulpatwa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}