Mr. Naksh has undertaken certain transactions during the F.Y.2023-24, which are listed below. You are required to identify the transactions in…

Transaction Is quoting of PAN mandatory in related documents? 1. Payment of life insurance premium of 40,000 in the F.Y.2023-24 by account payee cheque to LIC for insuring life of self and spouse No, since the amount paid does not exceed - 50,000 in the F.Y.2023-24. 2. Payment of 1,10,000 to RBI for acquiring its bonds Yes, since the amount paid exceeds - 50,000 3. Applied to SBI for issue of credit card. Yes, quoting of PAN is mandatory on making an application to a banking company for issue of credit card. 4. Payment of 1,00,000 by account payee cheque to travel agent for travel to Dubai for 3 days to visit No, since the amount was paid by account payee cheque and not in cash, quoting of PAN is not mandatory even though the payment exceeds - 50,000