4.8. PERMANENT ACCOUNT NUMBER (PAN)
PAN is a 10 digit code allotted to each essessee by I.T. Dept.
Following Assessee should own or obtain PAN :
1. Every person whose total Income exceeds the Taxable Limit.
2. Every Business or Profession whose total Sales, Turnover, or Gross receipts exceed Rs. 5 Lakhs.
3. Every person shall quote his PAN or GIR in all documents pertaining to :
a) Who Sales / Purchases any immovable property worth Rs.5 Lakhs or more.
b) Who Sells or Purchases Motor Vehicle or Vehicle which require registration.
c) Who opens a Time Deposit Account with Banks / Post Offices exceeding Rs. 50,000
d) Who deposits amount exceeding Rs.50,000 in Post Office Savings Bank.
e) Who Sales or Purchases Securities exceeding Rs. 1 Lakh.
f) Who opens a Bank Account * .
g) Who makes payment to Hotels & Restaurants against bills exceeding Rs.25,000 at a time.
h) Who wants to purchase DD/Pay Order/ Banker’s Cheque by payment of cash aggregate Rs. 50,000 or more during any one day from a Bank.
i) Payment in cash exceeding Rs.25,000 in connection with Foreign Travel.
j) Payment of an amount of Rs.50,000 or more to buy Mutual Fund, Shares, Debentures or Bonds.
* Those not having PAN/GIR No. can submit a simple declaration in Form No. 60/61.
Any person who has not been allotted PAN/GIR No. and who makes payment in cash otherwise than by way of A/c payee Cheque or Draft or issued by any Bank in respect of any of the above listed transaction, should file a simple declaration in Form No. 60 giving the particulars of the transaction.