Who mandatorily need to have a PAN card?

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Hi,

Currently who all mandatorily require a PAN card? and who does not?

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PAN Card is issued to individuals, companies, non-resident Indians or anyone who pays taxes in India. etc.

PAN Card is Mandatory on these services

  • Life Style Segment, Saving or Investment, Banking, Real Estate and also on like-
  • Purchase or sale of any motor vehicle other than two wheelers.
  • if demat account is to be opened with a depository, security or any person affiliated to SEBI
  • If you apply for the issue of debit or credit card, then you have to give PAN card.
  • if you spend more than Rs 50,000 on a trip abroad or in the purchase of foreign currency.
  • in case of time deposit of more than Rs 50,000 in any bank or cooperative bank or deposits of more than Rs 5 lakh in a financial year.
  • f you contract or sell security with a transaction of more than Rs 1 lakh at a time, then it is mandatory to give PAN.

Not mandatory situations

  • In case you do not have PAN, Income Tax department rules allows you to carry out any of the above transactions after signing a declaration in Form 60 which states that you do not hold a PAN card and the income is below taxable limit.
  • Minors are allowed to quote PAN card number of a parent or guardian only if he or she does not have any taxable income.
  • NRIs get relaxation in quoting PANs in some cases.
  • According to rule 114B​​, the central government, state governments and the consular offices are not required to mention PAN card numbers.