PAN Card Mandatory: PAN Card (PAN) has become a very important document today. Its use is not limited only to tax related work. Today it is used in everything from banking to buying a car, property etc. If you do not have PAN card, you will not be able to do many important things.

The government has issued a list of many financial transactions where PAN will be mandatory. Let us know, for which works a PAN will be required?

List of works issued by the government

1. It is necessary to provide PAN card even in matters related to investment. If you invest more than Rs 50,000 in mutual funds, bonds, debentures or RBI bonds, then you are required to provide your PAN number during this process.

2. It is mandatory to provide PAN card even in purchase and sale related to property and shares. If you buy or sell property worth more than Rs 10 lakh or deal in unlisted shares worth more than Rs 1 lakh, then it is mandatory to provide PAN number.

3. PAN card also becomes necessary in banking related transactions. If you deposit more than Rs 50,000 in cash in a day or make a demand draft or pay order of the same amount, then you need to provide PAN number during this process.

4. Under the rules, PAN card is required while opening bank and demat accounts. PAN card will have to be provided while opening a new bank account (except basic account) or demat account.

5. Insurance and Wallet: If you have a life insurance premium of more than Rs 50,000 in a year or spend this much in digital wallet, it is mandatory to provide PAN card.

6. Vehicle purchase and sale: PAN card is required for purchase or sale of any motor vehicle except two-wheeler.

7. Luxury and travel expenses: PAN card is required for cash payments of more than Rs 50,000 in hotels/restaurants.

There has been a change in PAN card rules

Under the new rules of PAN card, making PAN card is no longer easy. Earlier, PAN card could be made very easily by just showing documents like Aadhar card.

According to the new rules, now to get a PAN card, documents like birth certificate, 10th mark sheet, passport or voter ID card will be required. The government has taken this decision to make the PAN card more secure.

Also read:

Railway passengers beware! Many passenger trains cancelled, check list before travelling, route chart released