Skip to main content

Quoting PAN Number for Financial Transactions

 

Knowingly or unknowingly, we all quote our PAN card number. We never consider or rethink whether quoting our PAN number for particular financial transactions is mandatory or what. However, IT Department made a list of such transactions where quoting PAN is mandatory. Let us see the list of those transactions.

Quoting PAN Card

Why quoting PAN number is mandatory?

It makes easy for IT Department to link an individual's all transactions. By doing so, it will be easier of IT Department to track your investments, lending, financial transactions or any business activity.

Below is the list of such transactions where quoting PAN Number is mandatory.

 

  • If the value of immovable property value is more than Rs.5 lakh or more, then whether it is buying or sell, at both the instances you have to quote the PAN number.
  • During sale or purchase of motor vehicle (but not for two wheeler buying or selling).
  • During the time of time deposit with banking company/post office where the such deposit is more than Rs.50, 000.
  • In application where you are applying for telephone connection, including mobile connection.
  • When you pay in cash to purchase DD, pay orders or banker's cheques for an amount aggregating to Rs.50,000 or more during a day. Also during deposit in cash aggregating to Rs.50, 000 or more with a banking during any one day.
  • During Sale or Purchase contract value of a security is more than Rs.1 lakh.
  • During opening of bank account. In case of minor, father, mother or guardian PAN number is mandatory.
  • If your hotel bill exceeds Rs.25, 000 at any one time.
  • Payment in cash in relation to travel to a foreign country if the amount is exceeded Rs.25, 000. However, travel to foreign countries not included in Bangladesh, Bhutan, Maldives, Nepal, Pakistan or Sri Lanka or Travel to Saudi Arabia for Haj or travel to China on Pilgrimage to Kailash Mansarover.
  • During submitting an application for Credit or Debit Card.
  • While investing in Mutual Funds if the investable amount is Rs.50,000 or more.
  • While buying shares, debentures, or bonds (including Reserve Bank Of India Bonds) of a company if the value is Rs.50, 000 or more.
  • While paying an aggregate insurance premium of Rs.50, 000 or more.
  • While purchasing bullion or jewellery of Rs.5 lakh or more
  • Payment to a dealer of an amount of five lakh rupees or more at any one time.

What if you don't have a PAN number, but entering into above said transactions?

If you don't hold the PAN card, but entering into above said transactions, then you have to submit the Form No. 60 (Form 61 in case of a person having only agricultural income).

Who is responsible if you don't quote the PAN number?

It is the responsibility of a person receiving document relating to the above said financial transactions. For example, in case of Mutual Fund investments, if the value of such investment is Rs.50, 000 or more, then it is the responsibility of Mutual Fund companies to get the correct PAN number of investors and quote the same in the application form.

-----------------------------------------------
Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016

Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

-----------------------------------------------

Popular posts from this blog

All about "Derivatives"

What are derivatives? Derivatives are financial instruments, which as the name suggests, derive their value from another asset — called the underlying. What are the typical underlying assets? Any asset, whose price is dynamic, probably has a derivative contract today. The most popular ones being stocks, indices, precious metals, commodities, agro products, currencies, etc. Why were they invented? In an increasingly dynamic world, prices of virtually all assets keep changing, thereby exposing participants to price risks. Hence, derivatives were invented to negate these price fluctuations. For example, a wheat farmer expects to sell his crop at the current price of Rs 10/kg and make profits of Rs 2/kg. But, by the time his crop is ready, the price of wheat may have gone down to Rs 5/kg, making him sell his crop at a loss of Rs 3/kg. In order to avoid this, he may enter into a forward contract, agreeing to sell wheat at Rs 10/ kg, right at the outset. So, even if the price of wheat falls ...
Read more

Mutual Fund MIPs can give better returns than Post Office MIS

Post Office MIS vs  Mutual Fund MIPs   Post office Monthly Income Scheme has for long been a favourite with investors who want regular monthly income from their investments. They offer risk free 8.5% returns and are especially preferred by conservative investors, like retirees who need regular monthly income from their investments. However, top performing mutual fund monthly income plans (MIPs) have beaten Post Office Monthly Income Scheme (MIS), in terms of annualized returns over the last 5 years, by investing a small part of the corpus in equities which can give higher returns than fixed income investments. The value proposition of the mutual fund aggressive MIPs is that, the interest from debt investment is supplemented by an additional boost to equity returns. Please see the chart below for five year annualized returns from Post office MIS and top performing mutual fund MIPs, monthly d...
Read more

Mutual Fund Review: SBI Bluechip Fund

Given SBI Bluechip Fund's past performance and shrinking asset base, the fund has neither been able to hold back its investors nor enthuse new ones   LAUNCHED at the peak of the bull-run in January 2006, SBI Bluechip was able to attract many investors given the fact that it hails from the well-known fund house. However, the fund so far has not been able to live up to the expectation of investors. This was quite evident by its shrinking asset under management. The scheme is today left with only a third of its original asset size of Rs 3,000 crore. PERFORMANCE: The fund has plunged in ET Quarterly MF rating as well. From its earlier spot in the silver category in June 2009 quarter, the fund now stands in the last cadre, Lead.    Benchmarked to the BSE 100, the fund has outperformed neither the benchmark nor the major market indices including the Sensex and the Nifty. In its first year, the fund posted 17% return, which appears meager when compared with the 40% gain in the BSE 1...
Read more

IIFL NCDs

Buy Gold Mutual Funds Invest Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Call 0 94 8300 8300 (India) IIFL NCDs IIF's six-year unsecured NCD 2012 Risk-wary investors should stay away from this issue, and even, risk-taking ones should think twice It is a public issue of unsecured redeemable non-convertible debentures ( NCDs ) by India Infoline Finance ( IIF ), an unlisted company, which is a 98.9 per cent subsidiary of India Infoline, a listed company. The issue seeks to raise Rs 250 crore with an option to retain over-subscription up to Rs 250 crore taking the total potential issue amount to Rs 500 crore. It will be open for public subscription from September 5 to September 18 with a minimum application size of Rs 5,000 in the form of five NCDs of face value Rs 1,000, TENURE & RATES: IIF will redeem the NCDs at the end of six years, and investors wanting out before six years will be able to sell the...
Read more

Principal Emerging Bluechip

In its near ten year history, this fund has managed to consistently beat its benchmark by huge margins The primary aim of Principal Emerging Bluechip fund is to achieve long term capital appreciation by investing in equity and related instruments of mid and small-cap companies. In its near ten year history, this fund has managed to consistently beat its benchmark by huge margins. This fund defined the mid-cap universe as stocks with the market capitalisation that falls within the range of the Nifty Midcap Index. But, it can pick stocks from outside this index and also into IPOs where the market capitalisation falls into this range. Principal Emerging Bluechip fund's portfolio is well diversified in up to 70 stocks, which has aided in its performance over different market cycles. On analysing its portfolio, the investments are in quality companies that meet its investment criteria with a growth-style approach. Not a very big-sized fund, it has all the necessary traits to invest with...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now