WHY PAN:
Quoting the PAN number is mandatory in many financial transactions. A few examples are:
a) Deposit of Rs 50,000 and above in a bank
b) Sale/ Purchase of all motor vehicles except two wheelers
c) Sale/ Purchase of immovable property of worth 5Lacs and above
d) New telephone connection
e) Payment of Rs 25,000 and above on hotel bills
f) Investment exceeding Rs 50,000 in shares, mutual funds and post office savings.
g) Operating a Demat account.
Quoting of PAN is also mandatory for incorporating a company or even filing of Income Tax Returns.
a) Deposit of Rs 50,000 and above in a bank
b) Sale/ Purchase of all motor vehicles except two wheelers
c) Sale/ Purchase of immovable property of worth 5Lacs and above
d) New telephone connection
e) Payment of Rs 25,000 and above on hotel bills
f) Investment exceeding Rs 50,000 in shares, mutual funds and post office savings.
g) Operating a Demat account.
Quoting of PAN is also mandatory for incorporating a company or even filing of Income Tax Returns.