Key Points
The government created the Permanent Account Number (PAN) was created to enable easy retrieval of information and to enable matching of information relating to investments, loans, and other business activities of taxpayers collected through various sources, both internal and external, for detecting and combating tax evasion and expanding the tax base...
As per section 139AA of the Income Tax Act 1961, it was mandatory to link your Aadhaar number with Permanent Account Number (PAN) by 30 June 2023..
According to Dr. Suresh Surana, founder RSM India - a business consulting firm: Rule 114B of the Income Tax Rules, provides for transactions wherein every person is required to quote their Permanent Account Number (PAN) and the said list provides for the 18 transactions which are mentioned hereinbelow..
Financial transactions that cannot be done by an individual having an inoperative PAN, as per the Income Tax Departments website:. i) Opening an account [other than a time-deposit referred at point No..
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...
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Deficiencies observed in financial transactions during I-T spot verification being rectified: TMB
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