« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  New rules to administer I-T welfare fund... Crorepati brokers face I-T scrutiny... » PAN to be must for all bank transactions August, 10th 2007 Another step to curb black money transactions.   In another step to keep closer tabs on financial transactions and curb black money transactions, the government is planning to make quoting the permanent account number (PAN) mandatory for all transactions carried out by customers with their banks and insurance companies.   Currently, quoting the PAN is not mandatory for opening a bank account or buying an insurance policy. Cash deposits of below Rs 50,000 at banks do not require the PAN to be quoted either.   This threshold limit will also be done away with once the government implements the new measures. In addition, existing bank account-holders will need to quote PANs.   The notification to make PAN mandatory for all bank and insurance customers will come before December 31 this year, said a finance ministry official, requesting anonymity. India has about 500 million bank accounts and roughly 54 million PANs have been issued.   As recently as July 2 this year, the government made PAN disclosure mandatory for all security market participants, including mutual fund investors, of any size. Quoting this alpha-numeric number is already mandatory for a host of transactions, including on return of income and all correspondence with any income tax authority.   It is also compulsory to quote PAN in all documents pertaining to financial transactions, including sale and purchase of immovable property (Rs 5 lakh and above) or payments in cash of amounts exceeding Rs 25,000 to hotels and restaurants.   Likewise, PAN has to be mentioned for making a time deposit exceeding Rs 50,000 with a bank or post office. Anyone who pays an insurance premium of Rs 50,000 needs to quote the PAN.   The new measures will also remove any bias people may have towards a financial product by making PAN mandatory for nearly all major financial transactions.   Even as the scope of PAN requirement is being extended, the Association of Mutual Funds in India has been lobbying the government to scrap the PAN requirement imposed on mutual fund transactions, saying the industry is suffering as a result.   Where PAN is mandatory   Sale or purchase of immovable property valued at Rs 5 lakh or more Sale and puchase of vehicles excluding two wheelers Fixed deposits, post office savings of Rs 50,000 Bank drafts of Rs 50,000 All security market participants Income tax returns Challans for payment of direct taxes All correspondence with the income tax department   Where PAN is mandatory, but not strictly implemented Application for opening a bank account Installation of a telephone connection (including a cellular telephone) Acquisition of credit cards Payment to hotels & restaurants against bills exceeding Rs 25,000