Mr. Vishnu has undertaken certain transactions during the F.Y.2023-24, which are listed below. You are required to identify the transactions in…
CA Intermediate · Taxation · MTP · May 2024
Mr. Vishnu has undertaken certain transactions during the F.Y.2023-24, which are listed below. You are required to identify the transactions in respect of which quoting of PAN is mandatory in the related documents – S. No. Transaction 1. Sale of scooter for 70,000 2. Payment of life insurance premium of 67,000 to insurance company 3. Purchase of plot for 9 lakhs while the stamp duty of the same is 11 lakhs 4. Applied to PNB for issue of credit card.
Suggested Answer and Working Notes:
Second alternative Transaction Is quoting of PAN mandatory in related documents? 1. Sale of scooter for 70,000 No, quoting of PAN is not mandatory on sale of scooter. 2. Payment of life insurance premium of 67,000 to insurance company Yes, since the amount paid exceeds - 50,000. 3. Purchase of plot for 9lakhs while the stamp duty of the same is 11lakhs Though the amount of consideration does not exceed 10lakhs, Mr. Vishnu has to quote PAN since stamp duty of plot exceeds 10lakhs. 4. Applied to PNB for issue of credit card Yes, quoting of PAN is mandatory on making an application to a banking company for issue of credit card.
Topics: Paper 3A: Income Tax Laws, Paper 3B: Goods and Services Tax
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