Importance of PAN quoting for below Transactions

Taxpayee or other Depositor/Investor some time do transaction without PAN quoting, it is harmful or gives trouble in features.  PAN (Permanent Account Number) is necessary while doing the below transaction.

• To Sale or purchase of any immovable property valued 5 Lakh rupees or more.
• To Sale or purchase of any motor vehicle (other than two wheeler) which requires registration under motor vehicle act 1988.
• To Fixed deposit more than 50000 rupees with a bank.
• To Deposit exceeding Rs. 50000 in any bank or post office.
• To Sale or purchase of shares, debentures exceeding Rs. 1 lakh.
• To Opening a current or saving account in bank.
• To Making an application for installation of a telephone connection including cellular connection.
• To Payment of hotel/restaurants exceeding Rs. 25000 at a time.
• To Payment in cash for a bank draft/banker cheque/pay order for a bank aggregating Rs. 50000 or more during one day.
• To Cash payment in connection with travel to any foreign country of an amount exceeding Rs. 25000 or more at any one time.
• To An application to the bank applying for debit or credit card.
• To Payment of an amount of Rs. 50000 or more to a mutual fund for purchase of its unit.
• To Payment of an amount of Rs. 50000 or more to a company for acquiring shared issued by it.
• To Payment of an amount of Rs. 50000 or more to a company/institution for acquiring debentures or bonds issued by it.
• To Payment of an amount of Rs. 50000 or more to the RBI for acquiring bonds issued by it.
• To Payment of an amount of Rs. 50000 or more in a year as LIC premium to an insurer.
• To Payment to a dealer of an amount of Rs. 5 lakh or more at any one time or against a bill for an amount of Rs. 5 lakh or more in the case for purchase of bullion or jewellery.

Persons exempt from quoting PAN while entering into above transactions.

• To Person having agriculture income only. However, such a person is required to furnish a declaration in Form no. 61 in respect of such transaction.
• To Non-resident persons.
• To The Central/State Government.
• To Any person who does not have PAN but makes payment in cash (otherwise than by crossed cheque or through a credit card for any of the above transactions. However, such a person is required to furnish a declaration in Form No. 60 in respect of such transaction.