Where PAN is needed?
Almost every money transaction demands the use of a PAN. These include:
~ When you get a job
~ When you file an income tax return
~ When you open a bank account
~ When you deposit cash of Rs 50,000 or more in a bank
~ When you open a bank fixed deposit of Rs 50,000 or more
~ When you open a post office deposit of Rs 50,000 or more
~ When you buy/ sell shares and mutual funds
~ When you buy/ sell property
~ When you buy a vehicle
~ When you take a loan: home/ personal/ other
~ When you install a telephone (or buy a cell phone)
~ When you pay in cash to hotels and restaurants against bills for an amount exceeding Rs 25,000 at a time
~ You also need to mention it in every transaction you have with the tax officials.
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soumyasen purohit said,
April 10, 2011 @ 10:45 am
If a third person wants to deposit more than Rs50,000/- in my saving bank account, then who should submit FORM-60(he/me).
Please reply
Thanks
Soumyasen Purohit