Quoting of PAN is compulsory/mandatory in respect of financial transactions undertaken during the year by an assessee. Find from the following transactions in which quoting of PAN is compulsory/mandatory : (i) deposit of

CS Executive · Tax Laws · PYQS · December 2020
Quoting of PAN is compulsory/mandatory in respect of financial transactions undertaken during the year by an assessee. Find from the following transactions in which quoting of PAN is compulsory/mandatory : (i) deposit of cash of ₹60,000 on 11.06.2019 in bank account (ii) payment of ₹40,000 made to hotel Raj Palace in cash on 11.07.2019 (iii) payment for purchase of travel ticket, to travel agent in cash of ₹55,000 on 10.05.2019 (iv) payment of ₹5,00,000 to RBI for purchase of Capital Gain Bonds as per section 54EC on 5.05.2019
(A) (i), & (iii)
(B) (i), (iii) & (iv)
(C) (i), (ii) & (iii)
(D) All the four in, (i), (ii), (iii) & (iv)

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B). Official source note: The most appropriate option is B assuming payment for purchase of travel ticket for foreign country.

Topics: Procedure and Assessment

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