The New Generation Of Banging Hardtechno

comfor · Posted: Fri 14:39, 05 Apr 2013 Post subject: Why is it necessary to have PAN?

It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. It is also compulsory to quote PAN in all documents pertaining to the following financial transactions:

Sale or purchase of any immovable property valued at five lac rupees or more;
Sale or purchase of a motor vehicle or vehicle;
A time deposit, exceeding fifty thousand rupees, with a banking company ;
A deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;
A contract of a value exceeding one lac rupees for sale or purchase of securities;
Opening a bank account;
Making an application for installation of a telephone connection (including a cellular telephone connection);
Payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time;
Payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating fifty thousand rupees or more during any one day;
Deposit in cash aggregating fifty thousand rupees or more with a bank during any one day;
Payment in cash in connection with travel to any foreign country of an amount exceeding twenty-five thousand rupees at any one time.

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