What are the specified financial transactions in which quoting of PAN is mandatory?

It is also mandatory for numerous financial transactions such as opening of bank accounts, deposit of cash in bank accounts, opening of a Demat account, transaction of immovable property, dealing in securities, among others.

In which cases quoting of PAN is compulsory?

Following are the transactions in which quoting of PAN is mandatory by every person except the Central Government, the State Governments and the Consular Offices:

• Sale or purchase of a motor vehicle or vehicle other than two wheeled vehicles.​ ​
• Opening an account [other than a time-deposit referred at point No.

How do you quote PAN?

Also, you can mention ‘to whom and for what purpose’ you are submitting PAN card copy or PAN card details. For example – for applying HDFC bank credit card. You may quote specific entity name, purpose, date and then sign the PAN copy, to avoid any mis-use.

Who are exempt from quoting PAN?

Persons who do not have PAN are exempted from quoting PAN on furnishing a declaration in Form 60. Rule 114C lists the persons to whom section 139A does not apply. These are persons who have agricultural income by furnishing declaration in Form 61, non-residents, and Central Govt./State Govt.

Who is required to quote pan for specified transactions?

Persons who do not hold PAN are required to fill a form and furnish any one of the specified documents to establish their identity. One of the recommendations of the Special Investigation Team (SIT) on Black Money was that quoting of PAN should be made mandatory for all sales and purchases of goods and services where the payment exceeds Rs.1 lakh.

When do you need to quote a pan?

To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit.

Do you have to have pan for taxguru transaction?

2. Any person, who does not have PAN and enters into any of above transaction, can make a declaration in Form No.60. 3. Quoting of PAN is not required by a non-resident in a transaction referred at point No. 3 or 5 or 6 or 9 or 11 or 13 or 18.

What are the rules for specified financial transaction?

Section 285BA of the Income Tax Act was amended w.e.f. 01-04-2015, and it now requires specified persons to furnish Statement of Financial Transaction or reportable account.  Rule 114D of Income Tax rules 1962, details of Form 60 are required to be reported in Form 61.