The government has made it mandatory to link PAN card to Aadhaar. Such people will no longer be able to do these 12 types of transactions. Can you read its complete list below? There is any solution for this … It was mandatory to link Aadhaar and PAN card under Section 139AA of the Income Tax Act, 1961. PAN card is usually required to collect and match taxpayers’ investment, loan and other business activities.
There will be difficulty in doing these 12 works
Section 114B of the Income Tax Act clearly states that it is necessary to give PAN number for any financial transaction in the country. In such a situation, if the PAN card is inactive, then you may have difficulty in doing these 12 transactions … To open a bank account, you have to give a PAN card details, only the requirement of PAN card can be exempted to open ‘Basic Savings Bank Deposit Account’. PAN card is issued in a cash deposit of Rs 50,000 or more in the bank account. Alternatively, you can opt for digital transactions. For any type of transaction in the stock market you need a demat account. PAN card details are required to open a demat account. While applying for a debit or credit card, you will also have to provide a PAN card number. If the premium is more than Rs 50,000 for insurance, then PAN card number will have to be given. A PAN details are required to pay cash of Rs 50,000 or more in a hotel or restaurant. PAN card number will have to be given for foreign currency exchange or cash payment for foreign travel of more than Rs 50,000 at a time. You have to provide PAN details for mutual fund payment of more than Rs 50,000. PAN card details will have to be given for paying Rs 50,000 to buy debentures or bonds of a company. PAN card is required to pay for the purchase of bonds of Rs 50,000 or more from the Reserve Bank of India. A demand draft of Rs 50,000 or more in a day from the bank will have to be given information about the PAN card on payment on purchasing a pay-order or bankers check form. The bank will have to provide a PAN card details for a fixed deposit of more than Rs 50,000 and a total of Rs 5 lakh during the financial year.
