The New Generation Of Banging Hardtechno

newco · Posted: Mon 14:42, 25 Mar 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 lakh 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 lakh 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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