ശരിക്കും എന്താണ് പാൻ കാർഡ്? PAN Card Explained - Who should apply? When? How? Malayalam Finance

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In this video, I talk about PAN (Permanent Account Number) cards, issued by Income Tax Department under the supervision of Central Board of Direct Taxes (CBDT). This contains everything you need to know about PAN card, when to take PAN card, how to apply for PAN card, basics of PAN, who should take PAN card etc in malayalam. PAN is a unique identification number for taxation purposes.

Section 139a, Income Tax Act 1961 - https://www.incometaxindia.gov.in/Acts/Finance%20Acts/1995/102120000000037822.htm

Section 114b, Income Tax Act 1961 –
https://www.incometaxindia.gov.in/pages/rules/income-tax-rules-1962.aspx?key=114b&key=114b

As per Rule 114B of the Income Tax Rules, any person or entity undertaking the following transactions are required to mandatorily quote their PAN in all the documents pertaining to the transaction.

1. Sale or purchase of a motor vehicle or vehicle, which requires registration by a registering authority and other than two wheeled vehicles.
2. Opening an account, other than a time-deposit and/or a basic savings bank deposit account] with a banking company or a co-operative bank.
3. Making an application to any banking company or a co-operative bank or to any other company or institution for issue of a credit card or debit card.
4. Opening of a demat account with a depository, participant, custodian of securities or any other person registered the Securities and Exchange Board of India Act, 1992.
5. Cash payment of over Rs.50,000 to a hotel or restaurant against a bill or bills at any one time.
6. Cash payment of over Rs.50,000 for travel to any foreign country or payment for purchase of any foreign currency at any one time.
7. Payment of over Rs.50,000 to a Mutual Fund for purchase of its units.
8. Payment of over Rs.50,000 to a company or an institution for acquiring debentures or bonds issued by it.
9. Payment of over Rs.50,000 to the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 for acquiring bonds issued by it.
10. Deposit in cash of over Rs.50,000 with a banking company or a co-operative bank.
11. Purchase of bank drafts or pay orders or banker’s cheques from a banking company or a co-operative bank with cash payment of over Rs.50,000 in a single day.
12. Deposit of amount exceeding Rs.50,000 or aggregating to more than Rs.5,00,000 during a financial year with a banking company or a co-operative bank.
13. Payment of over Rs.50,000 in a financial year for one or more pre-paid payment instruments to a banking company or a co-operative bank.
14. Payment of over Rs.50,000 as life insurance premium to an insurer.
15. Payment of over Rs.1 lakhs for contract for sale or purchase of securities.
16. Sale or purchase of any immovable property with payment of over Rs.10 lakhs.
17. Sale or purchase, by any person, of goods or services in a transaction over Rs.2 lakhs.

In case a minor is undertaking the transaction, the PAN of parent or guardian can be quoted. If a person does not have PAN, then PAN should be obtained or Form 60 must be filed.

Apply for PAN online - https://www.incometaxindia.gov.in/Pages/tax-services/apply-for-pan.aspx

#pancard #malayalam #finance

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