Do you have a Permanent Account Number (PAN) ? Income Tax Advisory
Income Tax Department has issued a latest video advisory to all citizens explaining the importance of PAN and its requirement for various transactions/expenditures.
The video shows a young women is about to start her career by registering her start up. Then suddenly a road side billboard goes live and explains that startup is not possible without PAN. It goes on to explain the the PAN is mandatory for the following transactions:
1. For opening Bank is Demat account
2. Buying Mutual Funds of more than Rs. 50000/-
3. For Annual premium of Insurance
4. Car purchasing
5. Buying shares of more than Rs. 1 lakhs
6. Buying house or land of more than Rs. Ten Lakhs
7. Paying hotel bill of Rs. 50000/- or more in cash
8. Foreign Travel cash expenses above Rs. 50000/-
9. Sale or purchase above Rs. 2 lakhs
The advisory also requests citizens to link their PAN with AADHAR.
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