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PAN Card is Mandatory on Following Services from 01-01-2016

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PAN Card is Mandatory on Following Services from 01-01-2016. For the Purpose of Stop Black Money and Increasing in Cash Less Transactions Income Tax Department Issued New Rules for PAN Card, Here we are providing complete details for New Services Where PAN card is Mandatory from 1st January 2016. All New Rules are applicable from 01-01-2016. CAknowledge.in Providing Details for all transaction where PAN Card is Mandatory..

PAN Card is Mandatory on Following Services from 01-01-2016

PAN Card is Mandatory CAknowledge

Life Style Segment

  • If your Hotel or Restaurant bill is more than Rs 50000 and if you want to pay in cash then you will require to provide PAN details.
  • If you are going on foreign trip and your travel agency pay your bills or currency conversion in cash then you will require to provide PAN Card Details.
  • If you Purchase Jewellery or other products then you will require to provide PAN Details on all transaction above  Rs 2,00,000.

Saving or Investment Segment

  • If you can do transaction (Time Deposit) more then Rs 5,00,000 (Yearly) on any bank scheme, Post Office Scheme, Nidhi,  NBFC, or Deposit Scheme then you will require to Provide PAN Card Details.
  • If you invest More than 50,000 (Yearly) in Mutual funds then you will require to provide PAN card Details.
  • If you are invested More than 1,00,000 (Yearly) for Opening Demat Account, Purchasing of Shares in any unlisted company then you will require to Provide PAN Card Details.
  • If you invest More than 50,000 (Yearly) in Bonds then you will require to provide PAN card Details.
  • If you are paying more then 1,00,000 (Yearly) for Premium of any LIC and Other Insurance Polices then you will require to Provide PAN Card Details.

Banking Segment

  • If you make Draft for Rs 50,000 or more then you will require to Provide PAN Card Details.
  • If you do transaction of Rs 50,000 or More by Check then you will require to Provide PAN Card Details.
  • If you can deposit more then 50,000 in Cash then you will require to Provide PAN Card Details.
  • if you can do transaction on or above 50,000 in any Cash Card Scheme or any prepaid Instruments then you will require to Provide PAN Card Details.
  • Opening an account (other than time deposit) with a banking company then 1. Basic Savings Bank Deposit Account excluded (no PAN requirement for opening these accounts) 2. Co-operative banks also to comply

Real State Segment

  • Sale/ purchase exceeding Rs.10 lakh or Properties valued by Stamp Valuation authority at amount exceeding Rs.10 lakh will also need PAN Details.

Details In Tabular Format

 Transaction PAN requirement
1. Immovable property i. Sale/ purchase exceeding Rs.10 lakh;

ii.Properties valued by Stamp Valuation authority at amount exceeding Rs.10 lakh will also need PAN.

2 Motor vehicle (other than two wheeler) All sales/purchases
3. Time deposit i. Deposits with Co-op banks, Post Office, Nidhi, NBFC companies will also need PAN;

ii. Deposits aggregating to more than Rs.5 lakh   during the year will also need PAN

4. Sale or purchase of securities No change
5. Opening an account (other than time deposit) with a banking company. i. Basic Savings Bank Deposit Account excluded (no PAN requirement for opening these accounts);

ii. Co-operative banks also to comply

6. Hotel/restaurant bill(s) Cash payment exceeding Rs.50,000/-.
7. Cash purchase of bank drafts/ pay orders/ banker’s cheques Exceeding Rs.50,000/- on any one day.
8. Cash deposit with banking company Cash deposit exceeding Rs.50,000/- in a day.
9. Foreign travel Cash payment in connection with foreign travel or purchase of foreign currency of an amount exceeding Rs.50,000/- at any one time (including fare, payment to travel agent)
10. Mutual fund units Payment exceeding Rs.50,000/- for purchase.
11. Shares of company i. Opening a demat account;

ii. Purchase or sale of shares of an unlisted company for an amount exceeding Rs.1 lakh per transaction.

12. Debentures/ bonds Payment exceeding Rs.50,000/-.
13. RBI bonds Payment exceeding Rs.50,000/-.
14. Life insurance premium Payment exceeding Rs.50,000/- in a year.
15. Purchase of jewellery/bullion Deleted and merged with next item in this table
16. Purchases or sales of goods or services Purchase/ sale of any goods or services exceeding Rs.2 lakh per transaction.
17. Cash cards/ prepaid instruments issued under Payment & Settlement Act Cash payment aggregating to more than Rs.50,000 in a year.
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About Raju Choudhary

Article by Raju Choudhary Raju has written 537 articles. If you like This post, you can follow CAknowledge on Twitter. Subscribe to CAknowledge feed via RSS or EMAIL to receive instant updates.

3 comments

  1. Dear sir pls clear that the transaction of rupees 2 lakh for purchase or sale of goods and service needed pan number in 2 lakh or above amount in one day or in one year or in one bill amount.

  2. Telangana News paper

    Thanks for the Information.

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