PAN is necessary for sale or purchase of a motor vehicle or vehicle other than two wheeled vehicles, according to the Income Tax Department.
New Delhi: Aadhaar-PAN Link – Aadhaar Pan link last date is June 30, 2021. The Central Board of Direct Taxes (CBDT) has stated that those who won’t link their PAN with Aadhaar, their Personal Account Number will become inoperative.
Earlier, the deadline for linking Aadhaar with PAN has been extended several times. Aadhaar and PAN card holders must also remember that the Central government in Budget, 2021 introduced a
new section of 234H in Income Tax Act, 1961. Under this section, if a PAN is linked with Aadhaar after the deadline date, then a fine can be levied. The penalty must not be more than Rs
1,000.
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Aadhaar PAN Link Last Date: Things You May Miss
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the
department allots the number without an application. From January 1, 2005 it has become mandatory to quote PAN on challans for any payments due to Income Tax Department, according to Income Tax Department
- PAN is necessary for sale or purchase of a motor vehicle or vehicle other than two wheeled vehicles, according to the Income Tax Department.
- PAN is required for opening an account, other than a Basic Savings Bank Deposit Account, with a banking company or a co-operative bank and making an application for issue of a credit or
debit card. - PAN is mandatory for opening of a demat account with a depository, participant, custodian of securities or any other person with SEBI.
- PAN is required for payment in cash of an amount exceeding Rs. 50,000 to a hotel or restaurant against bill at any one time, in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time.
- PAN is mandatory for payment of an amount exceeding Rs. 50,000 to a Mutual Fund for purchase of its units, to a company or an institution for acquiring debentures or bonds issued by it.
- PAN is compulsory for payment of an amount exceeding Rs. 50,000 to the Reserve Bank of India for acquiring bonds issued by it, deposits of cash exceeding Rs 50,000 during any one day with a banking company or a co-operative bank.
- PAN is compulsory Payment in cash or by way of a bank draft or pay order or banker’s cheque of an amount aggregating to more than Rs. 50,000 in a financial year for one or more pre-paid payment instruments, as defined in the policy guidelines for issuance and operation of pre-paid payment instruments issued by Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 to a banking company or a co-operative bank or to any other company or institution.
- PAN is required for payment of an amount aggregating to more than Rs 50,000 in a financial year as life insurance premium to an insurer, a contract for sale or purchase of securities (other than shares) for amount exceeding Rs 1 lakh per transaction
- PAN is mandatory for Sale or purchase, by any person, of shares of a company not listed in a recognised stock exchange for amount exceeding Rs 1 lakh per transaction, sale or purchase of any immovable property for an amount exceeding Rs. 10 lakh or valued by stamp valuation authority referred to in section 50C of the Act at an amount exceeding ten lakh rupees.
- PAN is required to sale or purchase of goods or services of any nature other than those specified above for an amount exceeding Rs 2 lakh per transaction.
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