Quoting of PAN is mandatory when a person is entering into following transactions: (1) Sale of immovable property of ₹5 lakh or more (2) Deposit of ₹50,000 or more in Post Office Savings Bank (3) Deposit of cash aggregat

CS Executive · Tax Laws and Practice · PYQS · December 2015
Quoting of PAN is mandatory when a person is entering into following transactions: (1) Sale of immovable property of ₹5 lakh or more (2) Deposit of ₹50,000 or more in Post Office Savings Bank (3) Deposit of cash aggregating ₹40,000 in one day in a bank (4) Contract of sale and purchase of securities exceeding ₹1 lakh Select the correct answer from the options given below
(A) (1), (2) and (3)
(B) (1), (2) and (4)
(C) (1), (3) and (4)
(D) (1), (2), (3) and (4).

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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