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: Payment to Mutual Funds of ₹70,000 for purchase of its units. Your answers mu
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: Payment to Mutual Funds of ₹70,000 for purchase of its units. Your answers must be supported with reasons.
Answer & Explanation:
PAN is required to be quoted: PAN is mandatorily required to be quoted while making payment of ₹70,000 to Mutual Funds for purchase of its units, since payment exceeds ₹50,000.
Topics: Income Tax Act, 1961
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