Going to buy gold worth Rs.5 lakhs or more? Don’t forget to take your PAN card. IT Department has made it mandatory for anyone who is looking to buy gold worth Rs.5 lakhs or more from 1 July 2011. This ruling was sure to come for obvious reasons. Most of gold purchases would happen in cash and hence there are high chances that people would use this way to convert their actual taxable money (black money) in to something they need. In coming days, one should also be not surprised if this level comes down by few lakhs.
Apart from these Gold purchases, there are few other dealings where you would need to produce your PAN card:
To get a Debit card from a bank (until now, PAN card was only required to get Credit card). Since most banks would give you a debit card if you open a savings/current account, a PAN is necessary to open a Bank account
If you pay more than Rs.50000 per year as Life Insurance Premium
Transactions over Rs.5 lakhs concerned to immovable property
Purchase of any vehicle other than a 2 wheeler
To make a Bank Deposit of over Rs.50000
Mutual Fund investments of over Rs.50000
Paying Hotel/restaurant bills over Rs.25000
You may also see CBDT AIR high value transactions which will alert IT department even before you file your return.
