What are the transactions can not be complete without PAN?

WHAT ARE THE TRANSACTIONS CAN NOT BE DONE WITHOUT PAN(Permanent Account Number)

Permanent Account Number (PAN) in India is mandatory for various financial transactions list of some of them are as follows:

Income Tax Returns (ITR) Filing:To file income tax return PAN is mandatory in India. Without a PAN any person cannot file their tax returns.

To open a bank account:To open a bank account PAN is mandatory in India. It is also required for making cash deposits of Rs. 50000/- or more.

Making an Investment in securities:PAN is also required to invest in shares, mutual funds, bonds, debentures, and other securities in India.

Immovable property related transactions:PAN is also required to buy or sell any immovable property in India. It is also required for paying stamp duty and registration fees.

For a loan application:PAN is also compulsory to apply for a loan from banks or financial institutions in India.

Payments exceed certain limit: PAN is also required for making cash payments equals to above prescribed limit like Rs. 50,000/- for purchasing gold, Rs. 10 lacs for purchasing property and Rs.2 lacs for purchasing a car.

Demat account: To open a demat account in India PAN is also mandatory, which is used for holding and trading in shares and other securities in electronic form.

Finally there are number of transactions where PAN is mandatory in India and it is also an essential document for individuals and businesses. Any kind of business registration like GST, Import and export code (IEC), Food license, trade license, trademark,company incorporations etc.

CA KHALID REHMAN

(M.Com, Chartered Accountant)

Comments

Post a Comment

Popular posts from this blog

Essential Skills Required to Start a Business

Image
  Essential Skills Required to Start a Business Starting a business is a challenging yet rewarding journey that requires a combination of technical knowledge, strategic thinking, and interpersonal skills. Many aspiring entrepreneurs believe that having a great idea is enough, but in reality, success depends on mastering essential skills that contribute to business growth and sustainability. Below are the critical skills required to start and run a successful business. 1. Business Planning and Strategy A well-defined business plan lays the foundation for a successful startup. Entrepreneurs must develop skills in: Market Research: Understanding industry trends, target audience, and competitors. Goal Setting: Defining clear, measurable objectives. Financial Projections: Estimating costs, revenues, and profitability. Risk Assessment: Identifying potential risks and preparing contingency plans. 2. Financial Management Managing finances effectively is crucial for business survival. E...
Read more

To Start a Business Online, You Need to Consider Following Things

Image
  To Start a Business Online, You Need to Consider Following Things Starting an online business can be a game-changer, offering flexibility, low startup costs, and global reach. With the rise of e-commerce, digital services, and social media marketing, there has never been a better time to launch your online venture. But how do you start, and what do you need? This guide will walk you through the essential steps and requirements for building a successful online business. 1. Find a Profitable Business Idea Before starting, you need a strong business idea that solves a problem or fulfills a demand. Some popular online business models include: ✅ E-commerce Store – Selling physical or digital products. ✅ Dropshipping – Selling products without holding inventory. ✅ Freelancing – Offering skills like writing, graphic design, or web development. ✅ Affiliate Marketing – Earning commissions by promoting products. ✅ Online Courses & Coaching – Teaching skills through digital platfor...
Read more

Essential Qualities of a Perfect Startup Team

Image
  Essential Qualities of a Perfect Startup Team A startup’s success depends heavily on the team behind it. Even the most innovative idea can fail without the right people driving it forward. A perfect startup team consists of a mix of complementary skills, a shared vision, and the ability to execute effectively under pressure. This article explores the key roles, qualities, and dynamics needed to build a winning startup team. Key Roles in a Perfect Startup Team 1. The Visionary (Founder/CEO) The CEO is the driving force behind the startup, setting the vision and strategic direction. They are responsible for: ✅ Defining the mission and long-term goals. ✅ Making critical business decisions. ✅ Raising funds and building partnerships. ✅ Inspiring and leading the team. Key Traits: Strong leadership, decision-making ability, resilience, and networking skills. a guide on business BUY NOW  2. The Technical Expert (CTO/Head of Product) Every tech-driven startup needs a technical leade...
Read more