Do you have a Permanent Account Number (PAN) ? Income Tax Advisory

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.