Are you planning to go on a shopping spree or buying a home theatre system that could set you back by a few lakhs? While investing, you have to undergo a one-time Know Your Customer (KYC) process, which requires a photograph, identity (ID) and address proof. However, to receive the refund in excess of the tax deducted from your taxable income, you also need to file I-T returns for which PAN is required.Did you know that for buying or selling a car, it is mandatory for you to provide PAN? However, this rule is not applicable for two-wheelers.As per the I-T website, it is mandatory to quote your PAN while opening a bank account. For depositing cash over Rs 50,000, you need to mention your PAN while filling the pay-in slip.At times you are required to make some payments either through bank drafts, pay orders or banker's cheque.

Source: Economic Times February 28, 2017 04:44 UTC