You will not be able to do these 12 things, if the PAN card has become inactive
, the government had made it mandatory to link PAN card with Aadhaar. For this, he was given time till June 30, 2023, failing which his PAN card has become inactive from July 1, 2023. Such people will no longer be able to do these 12 types of transactions. You can read the full list below. Is there any solution for this too…. Linking of Aadhaar and PAN card was made mandatory under section 139AA of the Income Tax Act, 1961. PAN card is generally required to collect and collate information about investments, loans and other business activities of the taxpayers.
There will be trouble in doing these 12 things!
Section 114B of the Income Tax Act clearly states that for which financial transactions in the country it is necessary to give PAN number. In such a situation, if the PAN card is inactive, then you may face difficulty in doing these 12 transactions.
PAN card details have to be given for opening a bank account, the requirement of PAN card can be exempted for opening ‘Basic Savings Bank Deposit Account’ only.
PAN card has to be given on depositing cash of Rs 50,000 or more in the bank account. Alternatively, you can choose digital transactions.
You need a Demat account for any kind of transaction in the stock market. PAN card details are required to open a demat account.
You will also need to provide the PAN card number while applying for a debit or credit card.
If the insurance premium is more than Rs 50,000, then the PAN card number will have to be given.
PAN details are required for making cash payments of Rs 50,000 or more at a time in a hotel or restaurant.
PAN card number will have to be given for foreign currency exchange exceeding Rs 50,000 in one go or for cash payments for foreign travel.
You will need to provide PAN details for mutual fund payments above Rs 50,000.
Paying Rs 50,000 to buy debentures or bonds of a company requires PAN card details.
PAN card will have to be given for payment on purchase of bonds of Rs 50,000 or more from the Reserve Bank of India.
PAN card details are required to be given for making payments from banks of Rs 50,000 or more in a day by way of demand drafts, pay-orders or purchase of banker’s check forms.
PAN card details will have to be provided for fixed deposits above Rs 50,000 and aggregating Rs 5 lakh in a bank during a financial year.
