State whether quoting of PAN in the following transaction is mandatory or not, as per the provisions of Income Tax Act, 1961 for A.Y. 2019-20: Asbhishek, in a single transaction makes contract of ₹1,20,000 for sale/purch
CS Executive · Tax Laws · PYQS · June 2019
State whether quoting of PAN in the following transaction is mandatory or not, as per the provisions of Income Tax Act, 1961 for A.Y. 2019-20: Asbhishek, in a single transaction makes contract of ₹1,20,000 for sale/purchase of securities (other than shares) as defined in section 2(h) of the Securities Contracts (Regulation) Act, 1956. Your answers must be supported with reasons.
Answer & Explanation:
PAN is mandatorily required to be quoted: Mr. Abhishek is required to quote his PAN while making contract of ₹1,20,000 for sale / purchase of securities (other than shares) as defined in section 2(h) of the Securities Contract (Regulation) Act, 1956, since the amount of the transaction exceeds ₹1,00,000.
Topics: Income Tax Act, 1961
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