PAN Card which includes a unique permanent account number for people or firms went through many changes. We have shared here some key alterations in rules relevant to applicability of PAN Card. As a measure to curb black money, government makes PAN Card mandatory from 1st Jan 2016 for several transactions. It is now mandatory to make PAN Card for cash transactions like foreign travel bills or hotel of above Rs. 50,000/- We have also given set of transactions which is why it will probably be mandatory to obtain Permanent Account Number.
New PAN Card Rules from 1st Jan 2016
You will need to check UTI Pan card status for following transactions on mandatory basis. Check the list given below to recognize how the significance in the Permanent Account Number is enhanced:
1. For Cash transactions like hotel or foreign travel bills of above Rs. 50,000
2. For all transactions this include buying jewellery exceeding Rs. 2 lakhs
3. It is likewise needed while purchasing immovable property of above 10 lakh rupees.
4. It will probably be mandatory to quote your PAN Card number for term deposits above Rs. 50,000 simultaneously and Rs. 5 lakhs every year with the Post offices, NBFCs is actually banks.
5. For opening all accounts barring Pradhan Mantri Jan Dhan Yojana account.
6. Besides above, the newest notification also asserted PAN could well be compulsory for Advance tax payment online greater than 50,000 likewise for acquiring shares of unlisted companies of above Rs. 1 lakh.
If you make deposit of above Rs. 50,000 or purchasing bank draft or bankers cheque or pay order with this amount on one day, you need to quote your PAN number. You will also need to quote it while payment of LIC premium of and above Rs. 50,000 each year.
In case when someone wants to undertake some of such transaction and hold PAN Card number can hold out the transaction by replenishing Form no. 60. Under the Form 60, free download somebody needs to furnish all personal information including name, dob, mobile number, address and mode of transaction to do above transactions in shortage of find PAN Card status. We are sure the post will last you to recognise which financial transaction would require you to make your PAN Card. We will likely be bringing details on PAN card as well as application.