SUBMIT PAN NO FOR APPLYING FOR DEBIT CARD OR BUY JEWELLERY ABOVE 5 LAKHS

Income tax department issue a circular about submitting of PAN number in some more transactions which is now mandatory. The transactions are as follows.

1- Applying for debit or credit card.

2- Buying jewelery above 5 lakhs.

3-Payment of 50000 or more to the life insurance premium.

4-Payment of 5 lakhs or more at a time to the dealer.

This is the notification no. 27 of income tax act dated 26-05-2011 and will come into effect from 1 july 2011.

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